A Decrease in the Demand for a Product Will Cause

question 37

Multiple Choice

A decrease in the demand for a product will cause output of that product to

• A) increase and the demand for and prices of the resources used to produce the product to rise.
• B) decrease and both the demand for and prices of the resources used to produce the product to fall.
• C) decline; the demand for the resources used to produce the product will remain constant.
• D) increase; the price of resources used to produce the product will rise if their supply is elastic but fall if supply is inelastic.

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Definitions:

Minnesota

A state in the Midwestern United States known for its lakes, forests, and vibrant cultural scene, as well as its contributions to industry, agriculture, and education.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing one option over another.

Medical Doctors

Professionals who are licensed to practice medicine and provide health care services to patients.

Medical School

An educational institution dedicated to the training of individuals in the field of medicine to become physicians.