An Increase in the Demand for a Resource

question 52

Multiple Choice

An increase in the demand for a resource

• A) will cause the price of that resource to fall.
• B) may be the result of a decrease in the demand for products utilizing this resource.
• C) will cause the price of the resource to fall by a smaller amount in the short run than in the long run.
• D) will increase the price of the resource and, thereby, increase the incentive of potential suppliers to provide the resource in the future.

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Definitions:

Herbaceous Eudicot

A group of flowering plants that are characterized by having two cotyledons, or seed leaves, and typically have non-woody, soft stems.

Monocot

A group of flowering plants whose seeds typically contain one embryonic leaf, known for having parallel leaf veins and various other structural differences from dicots.

Predominant

Being the most common or frequent; having superiority or ascendancy over others in strength, influence, or importance.

Photosynthetic Product

The output of photosynthesis, primarily glucose (a sugar), which serves as a primary energy source for plants and other photosynthetic organisms.