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.
D
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Refer to Figure 4-10. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the quantity of apartments demanded at the new price?
A) Q1 B) 0 C) Q0 D) Q*
Refer to Figure 28-8. A typical long-run Phillips curve would have the appearance of a curve running through points
A) A and B. B) A and C. C) B and C. D) A, B, and C.
Loanable funds are the physical equivalent to capital equipment
Indicate whether the statement is true or false
If a consumer purchases more of good A when her income falls, good A is an inferior good
a. True b. False Indicate whether the statement is true or false