Asked by
Samantha Hoffman
on Dec 12, 2024
Verified
A decrease in the price of a resource would cause
A) producers to substitute other inputs for the resource.
B) the cost of products made from the resource to fall.
C) producers to use more of the resource.
D) none of the above.
E) both b and c above.
Price Of Resource
The financial cost required to obtain or use a particular resource.
Producers
Entities or individuals that create goods or provide services, playing a crucial role in the supply side of an economy.
- Gain an understanding of the connection between the cost of raw materials and the pricing of goods and services.
- Elucidate the effects of resource price variations on equilibrium in the market and strategies for businesses.
Verified Answer
MC
Learning Objectives
- Gain an understanding of the connection between the cost of raw materials and the pricing of goods and services.
- Elucidate the effects of resource price variations on equilibrium in the market and strategies for businesses.