The Elasticity of Supply for Some Product Will Tend to Be

question 114

Multiple Choice

The elasticity of supply for some product will tend to be larger

• A)the higher is the elasticity of demand for the product.
• B)the lower is the elasticity of demand for the product.
• C)the harder it is for firms to shift from the production of this product to another.
• D)the easier it is for firms to shift from the production of this product to another.
• E)the less time firms have to adjust to price changes.

---

Definitions:

Executive Privilege

Executive Privilege is the right claimed by the President of the United States and other members of the executive branch to withhold information from Congress or the courts.

Supreme Court

The highest federal court in the United States, with the ultimate judicial authority to interpret and decide upon the constitutionality of laws.

Watergate Scandal

A major political scandal in the early 1970s involving the Nixon administration's attempt to cover up its involvement in a break-in at the Democratic National Committee headquarters.

Constitutional Power

The authority granted by a constitution, especially the United States Constitution, to the different branches of government or to specific governmental roles.