If a Factor of Production Has Many Close Substitutes, We

question 67

Multiple Choice

If a factor of production has many close substitutes, we would expect that its price elasticity of demand would be

• A) unity.
• B) zero.
• C) greater than one.
• D) less than one, but greater than zero.

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Definitions:

Stepwise Mechanism

A reaction mechanism that occurs in multiple steps, each with its own transition state and intermediates.

Detailed

Characterized by a comprehensive and elaborate presentation or description of information, ensuring clarity and depth.

Reaction

A chemical process in which substances interact to form new products, typically characterized by a change in chemical composition.

Propagation Step

A phase in a chain-reaction mechanism where radicals generate new radicals, allowing the reaction to proceed in a series of subsequent steps.