Asked by
jainav patel
on Oct 12, 2024
Verified
The demand for a resource rises as
A) its productivity rises and the relative prices of substitutable resources rises.
B) its productivity rises and the prices of substitutable resources falls.
C) its productivity falls and the relative prices of substitutable resources falls.
D) its productivity falls and prices of substitutable resources falls.
Substitutable Resources
Resources that can replace each other in production or consumption, such that the increase in price of one leads to an increase in demand for the other.
Productivity
The measure of efficiency in producing goods and services, typically quantified as the ratio of output to input in the production process.
- Comprehend the factors influencing the demand for labor and other resources.
Verified Answer
KS
Learning Objectives
- Comprehend the factors influencing the demand for labor and other resources.