Resource Prices Are Fixed for Some Period of Time Because

question 171

Multiple Choice

Resource prices are fixed for some period of time because

• A)some workers enter into long-term contracts.
• B)firms purchase raw materials on set-price contracts.
• C)many workers get pay increases only once a year.
• D)All of the above are correct.

---

Definitions:

Real World

The actual realm of human existence and experience as opposed to theoretical models, simulations, or fictional scenarios.

Objectivity

The practice of maintaining impartiality and neutrality, avoiding bias or subjective influences in judgments and analyses.

Scientific Method

A systematic process for conducting research and experimentation, involving the observation, hypothesis formation, experimentation, and the analysis of data to draw conclusions.

Economics

Economics is the social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants.