In the market for both renewable and nonrenewable resources, the timing of the use of resources depends on:
a. the alternatives uses to which the resource is put.
b. the market rate of interest.
c. the availability of substitutes.
d. the elasticity of demand for resources.
e. government regulations.
b
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In the above figure, what is the amount of consumer surplus at the efficient quantity?
A) $0 B) $1,000 C) $2,000 D) $4,000
When the marginal revenue resulting from a decrease in price is negative, demand for the product is:
A) elastic. B) unit elastic. C) inelastic. D) cannot be determined without more information.
When bond prices go down, interest rates go ___________.
Fill in the blank(s) with the appropriate word(s).
The two flows, or things being exchanged, in the circular flow model are:
A. inputs and outputs. B. imports and exports. C. inputs/outputs and money. D. land and labor.