The Demand for a Resource Depends Primarily on

question 186

Multiple Choice

The demand for a resource depends primarily on

• A) the supply of that resource.
• B) the demand for the product or service that it helps produce.
• C) the price of that input.
• D) the elasticity of supply of substitute inputs.

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Definitions:

High Price

A cost that is considered to be at the upper end of the price range for a product or service.

Low Price

An amount charged for a product or service that is relatively lower than the average or general market level, often aimed at attracting customers or gaining market share.

Simultaneous-Move Game

A strategic scenario in game theory where all players make their decisions or choose their actions at the same time without knowledge of the other players' choices.

High Price

High price indicates a scenario where the cost of a good or service is considered greater than usual or compared to its competitors.