If the price of a resource falls, other things constant,
a. demand for the product it produces will increase
b. demand for a substitute product will increase
c. demand for a substitute resource will fall
d. supply of that resource will rise
e. supply of a substitute resource will also rise
C
Economics
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For a given decrease in supply, the condition of demand that will result in the most significant change in price is when demand is
A. inelastic. B. elastic. C. perfectly elastic. D. perfectly inelastic.
Economics
Although price discrimination may increase the profits of drug companies, it reduces the incentive for drug companies to develop new drugs.
a. true b. false
Economics