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
Question 2
Society's total cost of producing a good
a. includes only the cost to the firm
b. includes only the external cost
c. includes all private and external costs
d. equals the value of the output level that maximizes the firm's profit
e. equals the value of the output level that minimizes the firm's loss
Independent assortment produces 50 percent recombinants
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