The More Elastic the Supply of a Resource

question 100

Multiple Choice

The more elastic the supply of a resource,

• A)the greater is economic rent as a proportion of total earnings
• B)the greater is opportunity cost as a proportion of total earnings
• C)the fewer alternative uses the resource has
• D)the greater the derived demand for the resource
• E)the lower the derived demand for the resource

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Definitions:

Special Assignments

Specific tasks or projects designated to an individual or team that require particular skills or expertise.

Large-scale Simulation

A broad, extensive testing or modeling environment designed to replicate complex systems or environments.

Hypothetical Organization

An imaginary or proposed structure for an organization used for analysis or illustration.

Real-world Industry

Sectors and activities in the economy that produce goods and provide services in natural, tangible, practical, and applied contexts outside of theoretical or simulated environments.