An individual's income depends upon the prices and quantities of resources owneD.

Question

Quizplus · Accepted Answer

An individual's income is determined by the prices and quantities of the resources they own, such as land, labor, and capital. This is because these resources are used in the production of goods and services that generate income. If the prices of these resources increase or if the individual owns more of them, their income will also increase. Therefore, an individual's income is directly affected by the prices and quantities of the resources they own.

An Individual's Income Depends Upon the Prices and Quantities of Resources