The Strength of the Demand for a Resource Depends on the Following

question 221

Multiple Choice

The strength of the demand for a resource depends on the following factors, except the

• A) supply of the resource.
• B) productivity of the resource.
• C) price of the product the resource helps to produce.
• D) demand for the product the resource helps to produce.

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Definitions:

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Wealth

The accumulation of valuable resources and possessions, which can include money, properties, and investments.

Risk Averse

The characteristic of preferring to avoid risk, where an individual or entity would choose a certain outcome over a gamble with a potentially higher, but uncertain, payoff.

Utility Function

A mathematical representation of how a series of choices provides a level of satisfaction to an individual.