An Increase in the Price of a Resource Would Cause

question 102

Multiple Choice

An increase in the price of a resource would cause:

• A) producers to substitute other inputs for the resource.
• B) consumers to substitute other products for 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) both (a) and (b) to occur.

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Definitions:

First Amendment

A change to the U.S. Constitution that safeguards the rights related to religious practices, speech, gathering, and the ability to appeal to the government.

Freedom of Speech

The right to express opinions and ideas without fear of government retaliation or censorship, protected by constitutions in democratic societies.

Limits

Boundaries or constraints that define the scope or extent of something, such as legal limits on government power or personal limits in behavior.

First Amendment

An amendment to the United States Constitution that guarantees freedoms concerning religion, expression, assembly, and the right to petition the government for a redress of grievances.