Asked by
Peyton Frazier
on Dec 12, 2024
Verified
An increase in the demand for a resource
A) will cause the price of that resource to fall.
B) may be the result of a decrease in the demand for products utilizing this resource.
C) will cause the price of the resource to fall by a smaller amount in the short run than in the long run.
D) will increase the price of the resource and, thereby, increase the incentive of potential suppliers to provide the resource in the future.
Demand For Resource
The desire and willingness of firms or individuals to acquire resources at various price levels.
Resource
Refers to assets or inputs used in the production of goods and services, such as time, money, or raw materials.
- Anticipate the repercussions of external market fluctuations on the demand and supply of materials.
- Analyze the importance of prices in the resource market as signals of scarcity and their impact on decision-making regarding production.
Verified Answer
JN
Learning Objectives
- Anticipate the repercussions of external market fluctuations on the demand and supply of materials.
- Analyze the importance of prices in the resource market as signals of scarcity and their impact on decision-making regarding production.