The demand for a product and the demand for a resource (such as labor)?are similar because the market price will rise if demand for the product or the resource has been increasing.are different because when the demand for a resource rises, the quantity demanded falls to zero, but not sofor a product.are different because a product feels insulted if its price is falling due to declining demand, whereas humanlabor feels good about it when its price is falling due to declining demand.O are opposites because products are produced by labor and other resources.G Search or type URLesc*%232$34.79.deleteQERTY.tabADGHKreturncaps lockMshiftshift Equilibrium:wage (W) rates in a labor market mean that everybody is happy.prices (P) in product markets are always at their optimal point for everyone in society's utility level.is a neutral concept, in that somebody gains and somebody loses when markets have completed theiradjusting toward their point of stability.is a meaningless concept because i have not learned anything about the economics of markets this semester.MacBook Pro->G Search or type URL#324&13deleteQWTYtabASHJ.Kcaps lock* coLL

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The demand for a product and the demand for a resource (such as labor)? are similar because the market price will rise if demand for the product or the resource has been increasing. are different because when the demand for a resource rises, the quantity demanded falls to zero, but not so for a product. O are different because a product feels insulted if its price is falling due to declining demand, whereas human labor feels good about it when its price is falling due to declining demand. O are opposites because products are produced by labor and other resources.

The demand for a product and the demand for a resource (such as labor)? are similar because the market price will rise if demand for the product or the resource has been increasing. are different because when the demand for a resource rises, the quantity demanded falls to zero, but not so for a product. O are different because a product feels insulted if its price is falling due to declining demand, whereas human labor feels good about it when its price is falling due to declining demand. O are opposites because products are produced by labor and other resources.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section: Chapter Questions

Problem 7QP

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