The amount of a resource consumed depends on
A) the price of the resource.
B) consumer income.
C) the price of substitute resources.
D) all of the above.

Question

Quizplus · Accepted Answer

The amount of a resource consumed is influenced by all of the factors listed: the price of the resource, consumer income, and the price of substitute resources. The price of the resource alone may not be the only determining factor, as consumers may still choose to consume it if they have a high income or if substitute resources are even more expensive.

The Amount of a Resource Consumed Depends on