The fewer the number of alternative factors of production that can be used to produce a good,the ________ will be.

Question

Quizplus · Accepted Answer

When there are few alternative factors of production that can be used to produce a good, the supply of that good becomes less elastic. This is because producers have limited options to switch to other inputs in response to changes in price or availability. As a result, the supply of the good becomes less responsive to changes in demand, making it less elastic.

The Fewer the Number of Alternative Factors of Production That