Asked by
Sampada Durge
on Dec 12, 2024
Verified
A decrease in the demand for a product will cause output of that product to
A) increase and the demand for and prices of the resources used to produce the product to rise.
B) decrease and both the demand for and prices of the resources used to produce the product to fall.
C) decline; the demand for the resources used to produce the product will remain constant.
D) increase; the price of resources used to produce the product will rise if their supply is elastic but fall if supply is inelastic.
Demand for Product
The desire and willingness of consumers to purchase a specific good or service at a given price.
Output
The aggregate quantity of products or services generated by a business, sector, or economic system within a specified timeframe.
Resources
The total means available for economic and operational development, including natural, human, and capital assets.
- Identify the effects of price changes on resource demand.
Verified Answer
ML
Learning Objectives
- Identify the effects of price changes on resource demand.