A change in a factor's price will have a greater effect on the quantity of the factor demanded the:
A. Smaller the change in the factor's price
B. Smaller the factor's share of total cost of production
C. More elastic is the demand for the product the factor helps to make
D. More inelastic is the demand for the product the factor helps to make
C. More elastic is the demand for the product the factor helps to make
Economics
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Suppose the U.S. Government banned the sale and production of cigarettes. What are likely effects of this action on the market for cigarettes?
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A major feature of a market system is that:
A. there is full employment. B. there is consumer sovereignty. C. all producers make profits. D. there is economic equality.
Economics