Asked by
Chingkhei Meetei
on Dec 12, 2024
Verified
When a resource price is below equilibrium,
A) excess supply will be present.
B) excess demand will be present.
C) the supply of the resource will be inelastic.
D) the demand for the resource will be inelastic.
Resource Price
The cost associated with acquiring materials or inputs needed for production, including labor, capital, and natural resources.
Equilibrium
A condition in the market where the balance between supply and demand is achieved, resulting in steady prices.
- Acquire knowledge about the essential theories of supply and demand in the employment sector.
- Decode the influence of resource price dynamics on the stability of market conditions and the strategic maneuvers of businesses.
Verified Answer
RM
Learning Objectives
- Acquire knowledge about the essential theories of supply and demand in the employment sector.
- Decode the influence of resource price dynamics on the stability of market conditions and the strategic maneuvers of businesses.