When studying the market for resources, it is important to understand that:
a. resources are wanted not for themselves, but for what they produce.
b. demand for resources is generally inelastic in nature.
c. derived demand does not apply to the resource market.
d. resource markets do not conform to the laws of supply and demand as other markets do.
e. supply is much more important than demand in determining the price of a resource.
a
You might also like to view...
A typical American family sends about _____ percent of its budget on services.
A. 20 B. 32 C. 66 D. 70
If you have a checking account at a local bank, your bank account there is a(n)
A. asset to the bank and an asset to you. B. liability of the bank and a liability of yours. C. liability of the bank and an asset to you. D. asset to the bank and a liability of yours.
______ occurs when the Fed buys long-term securities, thus driving down long-term interest rates and encouraging spending.
a. Quantitative speculating b. Quantitative easing c. Qualitative speculating d. Qualitative easing
A price-discriminating monopoly charges the lowest price to the group that:
A. has the most elastic demand. B. purchases the largest quantity. C. engages in the most arbitrage. D. is least responsive to price changes.