The Input Demand Curve of an Industry Is Relatively Inelastic

question 75

Multiple Choice

The input demand curve of an industry is relatively inelastic when:

• A)the demand for the final product is relatively elastic.
• B)the marginal rate of technical substitution is lower.
• C)the supply curves of other inputs is relatively inelastic.
• D)price of the input is higher than the price of other inputs.

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Definitions:

Immanent Justice

The belief, often held by children, that moral behavior is immediately rewarded and immoral behavior is immediately punished.

Autonomous Morality

The second stage of moral development in Piaget’s theory, displayed by older children (about 10 years of age and older). The child becomes aware that rules and laws are created by people and that, in judging an action, one should consider the actor’s intentions as well as the consequences.

Punishment

A consequence aimed at reducing a behavior, typically involving unpleasant or undesirable outcomes for the recipient.

Immanent Justice

The belief often held by children that moral wrongs will be immediately punished and virtues rewarded, regardless of human intervention.