If a Factor of Production Comes to Have More and More

question 5

Multiple Choice

If a factor of production comes to have more and more alternative uses,its supply curve to any one use

• A)remains unchanged.
• B)becomes more inelastic.
• C)becomes more elastic.
• D)may move in any direction.

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Definitions:

Verizon Wireless

A major American telecommunications company known for providing wireless products and services.

Implicit Cost

The opportunity cost incurred by using assets, resources, or funds for a specific purpose rather than the next best alternative.

Competitive Rate

Pricing that is on par or better than what is offered by competitors in the market, often used to attract customers.

Property Taxes

Levies imposed by local governments on real estate properties, calculated based on the value of the property.