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:

Extraversion

A personality trait characterized by sociability, enthusiasm, and assertiveness, indicating an outward turning of emotional energy.

Self-concept

An idea of the self constructed from the beliefs one holds about oneself and the responses of others.

Congruent

In psychology, congruence refers to harmony and alignment between an individual's internal feelings, thoughts, and their external behaviors and situation.

Gut Feelings

Intuitive judgments or responses that are not derived from conscious reasoning but rather from an individual's instinct or intuition.