GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Two factors involved in determining the value of a resource, good, or service are
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availability and trade-offs.
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demand and desires.
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productivity and opportunity costs.
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availability and demand.
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Explanation:
Detailed explanation-1: -Because resource demand is a derived demand, it depends on two factors: the marginal productivity of the resource and the market price of the good or service it is used to produce. (1) Marginal revenue product (MRP) is the change in total revenue divided by a 1-unit change in resource quantity.
Detailed explanation-2: -A demand curve or a supply curve is a relationship between two, and only two, variables: quantity on the horizontal axis and price on the vertical axis.
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