An Increase in the Price of a Resource Would Cause

question 38

Multiple Choice

An increase in the price of a resource would cause

• A) producers to substitute other inputs for the resource.
• B) consumers to increase consumption of the goods that increase in price as the result of the higher resource price.
• C) an increase in the demand for products that use the resource intensely.
• D) a reduction in the price of goods produced with the resource.

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Definitions:

Color Vision

Ability of the eye to detect specific wavelengths of light; involves specialized cone cells that detect blue, green, and red wavelengths.

Cones

Photoreceptor cells in the retina of the eye responsible for color vision and visual acuity under bright light conditions.

Fovea Centralis

Region of the retina consisting of densely packed cones; responsible for the greatest visual acuity.

Tectorial Membrane

A structure located in the cochlea of the inner ear that plays a critical role in the process of hearing by interacting with hair cells.