A Change in the Demand for a Resource Can Be

question 190

Multiple Choice

A change in the demand for a resource can be caused by which of the following?

• A) a change in the demand for the final product that uses the resource as a factor of production
• B) a change in the productivity of the resource
• C) a change in the price of other resources that could be used as substitutes for the resource in question
• D) all of the above

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Definitions:

Credit

A financial arrangement where a borrower receives something of value now and agrees to repay the lender at a later date, generally with interest.

Double-entry System

An accounting system where every transaction is recorded in at least two accounts, with debits equaling credits, ensuring the accounting equation is always in balance.

Revenues

The total income generated from the sale of goods and services before any expenses are subtracted.

Expenses

Economic costs that a company incurs through its operations to generate revenue, often categorized as operational, selling, and administrative expenses.