True or False QuestionTrue or false: The demand for a resource describes a positive relationship between the price of the resource and the quantity of the resource demanded.True false question.TrueFalse
Question
True or False QuestionTrue or false: The demand for a resource describes a positive relationship between the price of the resource and the quantity of the resource demanded.True false question.TrueFalse
Solution
True. The statement is correct. The demand for a resource indeed describes a positive relationship between the price of the resource and the quantity of the resource demanded. This is based on the law of demand in economics, which states that, all else being equal, as the price of a product increases, quantity demanded falls; likewise, as the price of a product decreases, quantity demanded increases.
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