Suppose There Is an Increase in the Cost of Resources

question 37

Multiple Choice

Suppose there is an increase in the cost of resources used in the production of good A. Then

• A)if the price of A rises, we know the demand for A is elastic.
• B)if the total revenue from sales of A rises, we know the demand for A is elastic.
• C)if the total revenue from sales of A falls, we know the demand for A is elastic.
• D)total revenue will increase because the price of A must rise.
• E)total revenue must fall because the quantity bought and sold of A must fall.

Learn the ethical and safe use of restraints and seclusion when managing violent behavior.

Understand the importance of teamwork and communication during crisis intervention.

Appreciate the role of medication in managing acute psychotic episodes and aggression.

Identify the psychosocial factors contributing to aggressive behavior in patients.

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Definitions:

Productivity

The measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Terms of Trade

The ratio at which a country's exports are exchanged for imports, influencing the level of a country's economic health and prosperity.

World Price

The price at which a good is traded on the world market; determined by the world demand and world supply for the good.

Tariff

A Tariff is a tax imposed by a government on imported goods, often used to protect domestic industries from foreign competition.