The demand for a factor of production will be more inelastic

A) when the cost of the factor is small relative to the total cost of the product.
B) the more elastic the demand for the final product.
C) the easier it is to substitute other resources for the factor.
D) the more elastic the supply of products produced with the resource.

Factor of Production

Refers to the resources used in the creation of goods and services, which typically include land, labor, capital, and entrepreneurship.

Inelastic Demand

A market condition where the demand for a good or service is relatively unresponsive to changes in its price.

Substitute Resources

Alternative resources that can be used in place of another to satisfy consumer demand or production needs, often affecting market competition and prices.