The Opportunity Cost of Producing a Good Rises Only Slightly

question 329

Multiple Choice

The opportunity cost of producing a good rises only slightly as the quantity produced increases.This good has

• A) an inelastic demand.
• B) an elastic demand.
• C) an elastic supply.
• D) an inelastic supply.
• E) a perfectly elastic supply.

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Definitions:

Governmental Attitudes

The stance or policy approach adopted by a government towards a particular issue or sector.

Bureaucratic Risk

involves the uncertainties and slowdowns that can occur within an organization due to rigid procedures, policies, and hierarchies.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale.

Location Decision

The process of selecting a geographical site for a company's operations, facilities, or services.