Solved

What Would an Increase in the Price of a Resource

Question 50

Multiple Choice

What would an increase in the price of a resource cause?


A) an increase in the price of substitute resources in production
B) producers to use more of the resource in the production of their goods
C) consumers to substitute other products for goods that increase in price as the result of the higher resource price
D) an increase in the demand for products that use the resource intensely

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents