Question

As the price of a resource decreases, _____. a. the supply of that resource increases b. producers are more willing and able to hire that resource c. the demand for the final product produced by the resource decreases d. producers are less willing and able to hire that resource e. the quantity demanded of that resource decreases

Answer 1

Answer:

b. producers are more willing and able to hire that resource

Explanation:

In production resources are defines as various inputs in the production process of a product.

It contributes to the final product that a consumer buys and they have their various costs which are used to obtain their use.

So when the price of a resource decreases, it means that the cost of production also decreases.

There is now more outlay of cash that can be used hire that resource.

Producers are able to produce more of the final product so supply increases.