The Strength of the Demand for a Resource Depends on the Following

question 5

Multiple Choice

The strength of the demand for a resource depends on the following factors, except the

• A)supply of the resource.
• B)productivity of the resource.
• C)price of the product the resource helps to produce.
• D)demand for the product the resource helps to produce.

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Definitions:

Uniformly Distributed

A description of a distribution where all outcomes are equally likely, the probability distribution is constant.

Probability

The quantification of the chance that an event will happen, expressed as a number ranging from 0 to 1.

Random Variable

A Random Variable is a variable whose possible values are numerical outcomes of a random phenomenon.

Normal Curve

A symmetrical, bell-shaped distribution where most occurrences take place around the mean and probabilities for values taper off as they move away from the mean.