Asked by
Keshav Sharda
on Dec 12, 2024
Verified
When the price of a resource is set below equilibrium,
A) excess demand for the resource will occur.
B) excess supply of the resource will result.
C) the supply of the resource will be inelastic.
D) the demand for the resource will be inelastic.
Price Of Resource
Refers to the cost associated with acquiring, producing, or using a resource, including materials, labor, and capital.
Equilibrium
A state in a market where supply equals demand, leading to a stable price for a product or service.
- Comprehend the fundamental concepts of supply and demand within the labor market.
- Expound on how alterations in the pricing of resources modify market steadiness and the approaches of enterprises.
Verified Answer
DD
Learning Objectives
- Comprehend the fundamental concepts of supply and demand within the labor market.
- Expound on how alterations in the pricing of resources modify market steadiness and the approaches of enterprises.