One determinant of the derived demand for a resource is the
a. price of the product made using the resource
b. extra cost of the resource
c. marginal resource cost of the resource
d. availability of the resource in the marketplace
e. quantity of the resource demanded
A
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Millions of people wake up each morning, they get dressed and go to work by travelling on our nation's freeways early in the morning during rush hour
Why might this seemingly private activity actually result in a negative externality? Why might motorists not really worry about it very much?
The convergence theory is based on the idea of:
A. decreasing marginal returns. B. decreasing income per capita. C. increasing rates of income per capita. D. increasing opportunity costs.
Social Security payments automatically increase when CPI goes up because of the
What will be an ideal response?
A catfish farmer will shut down production when
A. He is losing money. B. The best he can do is break even. C. Price falls below AVC. D. Total revenue falls below total costs.