Author Question: The price of a resource declines when: a. both the demand for and the supply of the resource ... (Read 81 times)

fahad · **on:** Jun 30, 2018

The price of a resource declines when:
a. both the demand for and the supply of the resource declines in the same proportion.
b. demand remaining constant, supply of the resource declines.
c. supply remaining constant, the demand for the resource declines.
d. both the demand for and the supply of the resource increases in the same proportion.
e. both the demand for and the supply of the resource declines, but supply falls by a greater proportion than demand.

Question 2

Which of the following statements is true?
a. With an increase in the demand for health care, the quantity supplied increases but supply does not change.
b. With an increase in the demand for health care, the supply curve shifts to the right.
c. With an increase in the demand for health care, the supply curve shifts to the left.
d. With an increase in the demand for health care, the price of the product decreases.
e. With an increase in the demand for health care, the quantity supplied decreases but the supply does not change.