An Increase in the Demand for a Resource

question 52

Multiple Choice

An increase in the demand for a resource

• A) will cause the price of that resource to fall.
• B) may be the result of a decrease in the demand for products utilizing this resource.
• C) will cause the price of the resource to fall by a smaller amount in the short run than in the long run.
• D) will increase the price of the resource and, thereby, increase the incentive of potential suppliers to provide the resource in the future.

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Definitions:

Computer Competency

The ability to effectively use computer software and hardware to perform various tasks.

Computers

Electronic devices that process, store, and retrieve data, allowing users to perform a wide range of tasks efficiently.

Knowledge Management

The process of creating, sharing, using, and managing the knowledge and information of an organization to enhance its performance and competitiveness.

Performance Deficiency

A shortfall where an individual's or organization's performance fails to meet established standards or expectations.