An Increase in the Quantity of Resources Available

question 102

Multiple Choice

An increase in the quantity of resources available

• A) shifts the PPF leftward.
• B) shifts the PPF rightward.
• C) moves the economy to a new point up along a given PPF.
• D) moves the economy to a new point down along a given PPF.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time period.

Substitutes

Products or services that can serve as replacements for each other, satisfying the same customer need or want.

Price Elasticity

A calculation that expresses how demand for a certain product varies in reaction to its pricing shifts.

Luxury

Products or services viewed as luxurious and not necessary, frequently linked with premium quality and a high cost.