Which of the Following Statements Is True of Factor Markets

question 191

Multiple Choice

Which of the following statements is true of factor markets?
(i) when the supply of a factor falls, its equilibrium price falls
(ii) when the supply of a factor rises, its equilibrium price falls
(iii) when the supply of a factor falls, its equilibrium price rises

• A)(i) and (ii)
• B)(ii) and (iii)
• C)(i) and (iii)
• D)(i), (ii) and (iii)