Since the Demand for a Resource Depends on the Demand

question 27

Multiple Choice

Since the demand for a resource depends on the demand for goods that the resource helps produce, the demand for each resource is

• A) an elastic demand.
• B) an independent demand.
• C) a derived demand.
• D) inversely related to the marginal productivity of the resource.

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Definitions:

Merchants

Individuals or entities engaged in the buying and selling of goods or services for profit.

Conversion

The unauthorized act of possessing or using someone else's property as if it were one's own, which interferes with the owner's rights.

Dominion

Supreme authority or control over a domain, or the ownership and absolute right to use, enjoy, and dispose of property.

Real Property

Land and anything permanently attached to it, including buildings and other structures, considered a form of real estate.