Resource X Is Necessary to the Production of Good Y

question 73

Multiple Choice

Resource X is necessary to the production of good Y.If the price of resource X falls,the equilibrium price of Y will ______________ and the equilibrium quantity of Y will ________________.

• A) rise; rise
• B) fall; fall
• C) fall; rise
• D) rise; fall

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Definitions:

Bricklayers

Skilled workers who lay bricks to construct and repair walls, partitions, arches, and other structures.

Masonry Firm

A company specializing in the building and construction of structures using bricks, stone, concrete blocks, and other masonry materials.

Marginal Product

The extra production resulting from the use of an additional unit of a specific input, like labor or capital.

Productivity

The measure of the efficiency of production, often quantified as the ratio of output to inputs in the production process.