If the Price of a Resource Falls,other Things Constant,the _____

question 196

Multiple Choice

If the price of a resource falls,other things constant,the _____

• A)demand for the final product produced by the resource will decrease.
• B)demand for a substitute product will increase.
• C)demand for a substitute resource will fall.
• D)supply of that resource will rise.
• E)supply of a substitute resource will fall.

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Definitions:

Approaches

Methods or strategies employed in dealing with a problem or task.

Technology-enabled Products

Goods or services enhanced with technological features or capabilities, offering additional value or functionality.

Consumer Demand

The desire for particular goods or services that consumers are willing and able to purchase at a given price.

Skimming

A pricing strategy in which a high price is set for a new product to “skim” off customers willing to pay a premium before lowering the price to attract a broader market.