Other Things Being Equal,the Demand for a Factor of Production

question 64

Multiple Choice

Other things being equal,the demand for a factor of production will be less elastic if the demand for the final product it produces is:

• A) elastic.
• B) inelastic.
• C) unitary elastic.
• D) perfectly elastic.

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Definitions:

McClelland's Motivation Theory

A psychological theory suggesting that people are motivated by three needs: achievement, affiliation, and power, influencing their goals and behaviors.

Need For Power

The desire to control, influence, or be responsible for other people.

Acquired Needs Theory

A motivational theory that suggests human needs for achievement, affiliation, and power are developed over time based on life experiences.

Need For Power

An individual's desire for influence or control over others, motivating them to seek positions of authority.