A Change in a Factor's Price Will Have a Greater

question 219

Multiple Choice

A change in a factor's price will have a greater effect on the quantity of the factor demanded the

• A) smaller the change in the factor's price.
• B) smaller the factor's share of total cost of production.
• C) more elastic is the demand for the product the factor helps to make.
• D) more inelastic is the demand for the product the factor helps to make.

---

Definitions:

Legal Fees

Charges imposed by lawyers or law firms for services provided or to be provided.

Small Claims Court

Small Claims Court is a type of court designed to resolve disputes involving relatively small financial amounts in a simplified and less formal setting.

Limitation Period

The maximum time after an event within which legal proceedings may be initiated.

Ontario Court of Appeal

The highest court in the province of Ontario, Canada, which hears appeals from lower courts and has the authority to overturn their decisions.