7 Resource owners will use their factors of production in the manner that they consider most advantageous

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7 Resource owners will use their factors of production in the manner that they consider most advantageous to themselves. Many resources will be relatively immobile in the short run. The less mobile a resource, the more inelastic its short-run supply. There will be a positive relationship between amount supplied and resource price even in the short run.

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Essentials Of Economics

ISBN: 396414

2nd Edition

Authors: James D Gwartney; Richard Stroup; J R Clark

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