Asked by
Alexander Percini
on Dec 12, 2024
Verified
As the price paid to a resource increases,
A) the supply of that resource will increase in the resource market.
B) the supply of that resource will decrease in the resource market.
C) resources will shift from other resource markets to this one.
D) resources will shift from this resource market to others.
E) resource usage will be unaffected.
Price Paid
The actual amount of money exchanged for acquiring a good or service.
Resource Market
A market where raw materials, services, and other inputs required to produce goods and services are bought and sold.
Shift Resources
The reallocation of resources from one use to another, often in response to changing market conditions.
- Comprehend the correlation between the cost of resources and how resources are distributed.
- Evaluate the impact of resource price changes on production costs and substitution.
Verified Answer
KP
Learning Objectives
- Comprehend the correlation between the cost of resources and how resources are distributed.
- Evaluate the impact of resource price changes on production costs and substitution.