If the Price of a Resource Falls, Other Things Constant

question 69

Multiple Choice

If the price of a resource falls, other things constant,

• A)demand for the product it produces will increase
• B)demand for a substitute product will increase
• C)demand for a substitute resource will fall
• D)supply of that resource will rise
• E)supply of a substitute resource will also rise

Understand the factors that affect the elasticity of supply and its implications for market dynamics.

Identify the effects of economic recessions on demand for different types of goods based on their income elasticity coefficients.

Understand the concept of income elasticity of demand and its significance for forecasting market demand.

Recognize the implications of elasticity for government policies and interventions in the market.

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