As the Number or Quality of Available Resources Improves, ______

question 75

Multiple Choice

As the number or quality of available resources improves, ______ shifts to the _____.

• A)aggregate demand; left
• B)aggregate demand; right
• C)aggregate supply; left
• D)aggregate supply; right

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Definitions:

Marginal Benefit

The further utility or pleasure gained from consuming one additional unit of a good or service.

Creative Destruction

A concept in economics introduced by Joseph Schumpeter, describing the process by which old industries or technologies are destroyed and replaced by new ones.

"Destroyed" Industries

Refers to industries that have significantly declined or been rendered obsolete due to technological advancements, market shifts, or regulatory changes.

"Created" Industries

Sectors or markets that have emerged as a result of innovation, technological advances, or governmental policy.