Other Things Constant, as the Price of a Resource Increases

question 257

Multiple Choice

Other things constant, as the price of a resource increases,

• A) the quantity of the resource demanded falls.
• B) the quantity of the resource supplied falls.
• C) the price of the product the resource helps to produce falls.
• D) there is less of an incentive for users of the resource to find substitute resources.

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Definitions:

Survey Battery

A collection of surveys or questionnaires used together to assess a variety of related attitudes, behaviors, or traits.

Learning

The process of acquiring new understanding, knowledge, behaviors, skills, values, attitudes, and preferences through study, experience, or teaching.

Readiness

A state of being prepared and willing to undertake or receive something, such as learning new skills.

Cognitive Ability

The ability to carry out advanced cognitive functions such as thinking, recalling, comprehending, and solving problems.