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Author Question: If the price of a product increases, the demand for the resource used in producing that product ... (Read 101 times)

olgavictoria

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  • Posts: 528
on: Jun 30, 2018
If the price of a product increases, the demand for the resource used in producing that product decreases.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Which of the following is explained by the price elasticity of demand for a product?
 a. The effect of changes in price on the supply of the product
  b. The effect of changes in quantity on the supply of the product
  c. The effect of changes in quantity on the price of the product
  d. The effect of changes in price on the quantity demanded of the product
  e. The effect of changes in price on the quantity supplied of the product


trog

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  • Posts: 343
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

d


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