Which of the Following Statements Are TRUE? I

question 103

Multiple Choice

Which of the following statements are TRUE? I. A high price for a good encourages consumers to economize on its use, seeking out alternatives. II. Rising prices give firms the incentive to bring more goods to the market. III. Firms that experience rising input prices will seek out substitute inputs and develop production technologies to conserve on the costly input.

• A) I only
• B) I and II only
• C) II only
• D) I, II, and III

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Definitions:

Menopause

The time in a woman's life, typically between ages 45 and 55, when menstrual cycles permanently cease, marking the end of reproductive capability.

Fertility

The natural capability of producing offspring, influenced by factors like health, nutrition, and age in both males and females.

Life Span

The duration of time from the birth to the death of an organism.

Uncertainty Of Reproduction

The unpredictability associated with the ability to produce offspring, often influenced by genetic, environmental, or social factors.