A Shift in Demand for a Given Factor of Production

question 74

Multiple Choice

A shift in demand for a given factor of production will NOT occur if:

• A)the price of that factor falls.
• B)the productivity of that factor increases.
• C)the productivity of that factor decreases.
• D)there is a decrease in the price of a substitute factor.

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Definitions:

Unauthorized Act

An action taken by an individual or entity without proper authority or permission, potentially leading to legal consequences.

Agent

An individual or entity authorized to act on behalf of another, often in business or legal matters.

Implied Authority

The power assumed to be granted to an agent as part of their role, even though it is not explicitly stated in their contract or agreement.

Agent

An individual or entity authorized to act on behalf of another (the principal), creating a legal relationship and engaging in activities under the control of the principal.