The price of any productive resource is ____ related to ____ the final good or service:
a. inversely; demand for
b. directly; demand for
c. directly; supply of
d. not; supply of
b
Economics
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If the MPC is 0.5, then a $10 million increase in disposable income will increase consumption by
A) $15 million B) $5 million. C) $50 million. D) $2 million.
Economics
If the elasticity of supply coefficient for a good is one-sixth (in absolute terms), we know:
a. that for every 1% increase in quantity, there will be a 6% increase in price. b. that for every 1% increase in quantity, there will be a 6% decrease in price. c. that for every 6% increase in quantity, there will be a 1% increase in price. d. that for every 6% increase in quantity, there will be a 1% decrease in price.
Economics