An increase in the demand for a product will cause
a. both the demand for and prices of the resources used to produce the product to decline.
b. both the demand for and prices of the resources used to produce the product to increase.
c. the demand for the resources used to produce the product to increase and their prices to decline.
d. the demand for the resources used to produce the product to decline and their prices to increase.
B
You might also like to view...
A nation’s citizens often dislike the economy’s distribution of income. Explain two methods for creating a more equal distribution of income.
What will be an ideal response?
A rise in interest rates leads to:
a. an increase in the PDV of profits from owning a machine. b. a decrease in the PDV of profits from owning a machine. c. offsetting the effects on the costs and benefits of owning a machine. d. no effect on either the costs or benefits of owning a machine.
Like profit-seeking, rent seeking is also a productive activity and contributes to the growth of the economy
a. True b. False Indicate whether the statement is true or false
Antibiotics may be ________ since people consider only the ________.
Fill in the blank(s) with the appropriate word(s).