What Term Best Describes a Resource That Cannot "Sell Itself

question 18

Multiple Choice

What term best describes a resource that cannot "sell itself" to the highest bidder?

• A)Isolated
• B)Value-creating
• C)Scarce
• D)Imperfectly mobile
• E)Profit maximizing

Recognize how expectations regarding future prices or income can influence current demand.

Understand how changes in income affect the demand for different types of goods.

Distinguish between movements along the demand or supply curve and shifts in the demand or supply curves.

Identify the consequences of changes in factors other than the price on the quantity supplied and demanded.

---

Definitions:

Duty

An obligation or responsibility to act in a certain way, often imposed by morals, law, or custom.

Virtue

Moral excellence and righteousness; an admirable quality or trait that is esteemed and desirable.

Programmed Decisions

Automatic responses to routine and recurring situations.

Recurring Situations

Situations or events that happen repeatedly over time, often showing a pattern or cycle.