Multiple Select QuestionSelect all that applyWhich of the following identifies how the productivity of any resource may be altered over the long run?Multiple select question.By the quantities of other resourcesThrough the elasticity of product demandThrough the quality of the variable resourceThrough technological advanceThrough the elasticity of resource demand
Question
Multiple Select QuestionSelect all that applyWhich of the following identifies how the productivity of any resource may be altered over the long run?Multiple select question.By the quantities of other resourcesThrough the elasticity of product demandThrough the quality of the variable resourceThrough technological advanceThrough the elasticity of resource demand
Solution
The productivity of any resource may be altered over the long run through:
-
The quantities of other resources: If there are more resources available, productivity can increase because there is more to work with.
-
Through the quality of the variable resource: If the quality of the resource improves, productivity can increase because the resource is more effective.
-
Through technological advance: If new technology is introduced, productivity can increase because the resource can be used more efficiently.
-
Through the elasticity of resource demand: If the demand for a resource changes, this can affect its productivity. For example, if demand increases, the resource may be used more intensively, potentially increasing productivity.
Similar Questions
Multiple Select QuestionSelect all that applyWhat can shift the resource demand curve?Multiple select question.Product demandProduct supplyPrices of other resourcesResource productivity
Multiple Select QuestionSelect all that applyDerived demand for a resource depends on Blank______.Multiple select question.the price or value received from the product it producesthe productivity of the resource used to create the good or servicethe location of the product it producesthe total output of the product it produces
Multiple Select QuestionSelect all that applyWhich of the following are determinants of demand for land?Multiple select question.The prices of the products produced on the landThe price elasticity of demand for landThe productivity of the landThe prices of other resources that are combined with the landThe price of land
Multiple Select QuestionSelect all that applyWhich of the following infers the relationship between the productivity of a resource and the demand for that resource?Multiple select question.Highly productive resources that turn out highly valued products will be in little demand.Unproductive resources that turn out minimally valued products will be in high demand.Highly productive resources that turn out highly valued products will be in great demand.Unproductive resources that turn out minimally valued products will have little demand.
Multiple Select QuestionSelect all that applyWhich of the following summarizes the changes in demand in the resource market as a result of an increase or decrease in product demand?Multiple select question.A decrease in the demand for a product will increase the demand for a resource used in its production.An increase in the demand for a product will decrease the demand for a resource used in its production.A decrease in the demand for a product will decrease the demand for a resource used in its production.An increase in the demand for a product will increase the demand for a resource used in its production.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.