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:

Express Authorization

Express authorization is a clear and direct granting of permission or power to act, often specified in writing, that delineates the scope and terms under which actions may be taken.

Consideration

The value (such as money, services, or goods) exchanged between parties in a contract, making the agreement legally binding.

Apparent Authority

The impression given by a principal to a third party that an agent has the authority to act on the principal’s behalf.

Agency Relationship

A legal relationship wherein one party, the agent, is authorized to act on behalf of another party, the principal, in business transactions.