A(n)________ in the Amount of Resources Will Tend to ________

question 36

Multiple Choice

A(n) ________ in the amount of resources will tend to ________ economic growth.

• A) increase; increase
• B) increase; have no effect on
• C) decrease; have no effect on
• D) increase; decrease
• E) decrease; increase

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Definitions:

Industry Supply Curve

A graphical representation that shows the quantity of goods that all producers in an industry are willing and able to supply at different price levels.

Upward Slope

A line on a graph that displays a positive relationship between two variables, indicating that as one variable increases, the other variable also increases.

Price Takers

Businesses or individuals that accept the prevailing prices in the market because they do not have enough power to influence them.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.