Which of the following will not cause a shift in the demand for resource X?
A. an increase in the productivity of resource X
B. a decrease in the price of substitute resource Y
C. an increase in the price of the product resource X is producing
D. a decline in the price of resource X
Answer: D
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Which of the following will happen if some firms in a monopolistically competitive market incur losses in the short run and the market conditions are not expected to change?
A) The existing firms will continue production in the long run. B) The demand for the goods produced by the firms will decrease. C) New firms will enter the industry in the long run. D) Some firms will exit the industry in the long run.
Refer to Figure 6-1. A perfectly elastic demand curve is shown in
A) Panel A. B) Panel B. C) Panel C. D) Panel D.
Bank depositors will not lose their deposits in a banking panic if:
A. there is 100% reserve banking. B. there is fractional reserve banking. C. there is a central bank. D. the actual reserve/deposit ratio equals the desired reserve/deposit ratio.
Summarize how the law of demand explains the effects of price on the quantity demanded
What will be an ideal response?