A Change in the Demand for a Resource Can Be

question 190

Multiple Choice

A change in the demand for a resource can be caused by which of the following?

• A) a change in the demand for the final product that uses the resource as a factor of production
• B) a change in the productivity of the resource
• C) a change in the price of other resources that could be used as substitutes for the resource in question
• D) all of the above

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Definitions:

Implied in Fact Contract

A contract formed by actions and circumstances that indicate an agreement has been made, even though no explicit contract exists.

Express Contract

An agreement where the terms are clearly stated by the parties, either verbally or in writing.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across states.

Interstate

Refers to activities, agreements, or commerce that occur or are conducted between two or more states.