Other Things Constant, as the Price of a Resource Increases

question 257

Multiple Choice

Other things constant, as the price of a resource increases,

• A) the quantity of the resource demanded falls.
• B) the quantity of the resource supplied falls.
• C) the price of the product the resource helps to produce falls.
• D) there is less of an incentive for users of the resource to find substitute resources.

---

Definitions:

Identical Twins

Twins that originate from a single fertilized egg, sharing the same genetic material and typically very similar in appearance.

Personalities

The combination of characteristics or qualities that form an individual's distinctive character, influencing their patterns of thought, feelings, and behavior.

Situational Influences

External factors or circumstances that affect an individual's behavior, decisions, or feelings.

Locus of Control

A psychological concept referring to individuals’ beliefs about the extent to which the outcomes of their actions are under their own control or are influenced by external factors.