The demand for a resource is generally more
A) elastic in the short run because it takes time to alter the ratio of resources used in many production processes.
B) inelastic in the short run because it takes time to alter the ratio of resources used in many production processes.
C) elastic in the short run because an increase in the price of the resource may not be expected to last.
D) inelastic in the short run because once resource suppliers find out they can charge a higher price, they will do so in the long run.
Correct Answer:
Verified
Q129: Other things constant, if the demand for
Q130: Which of the following best illustrates the
Q131: When the price of steel rises, Ford
Q132: The demand for a factor of production
Q133: If steel workers obtain a substantial wage
Q135: A sudden increase in the demand for
Q136: Which of the following most clearly illustrates
Q137: As the price of a resource decreases,
A)
Q138: The demand for a factor of production
Q139: The demand for most products is likely
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents