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AP® Microeconomics

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Moderate

Factor Markets: Elastic Resource Demand

APMICR-BYLSQE

Which of the following resources would have the most elastic demand?

A

A resource for which there are many substitutes.

B

A resource that makes up a small portion of total costs.

C

A resource used to produce a good with relatively inelastic demand.

D

A resource that is used to produce goods sold in markets classified as monopoly.

E

A resource used to produce goods that are considered necessities.