Exhibit 4-3 If the Price of the Good Described

question 197

Multiple Choice

Exhibit 4-3 If the price of the good described in Exhibit 4-3 is $1.60, then an economist would expect the

• A)price to decrease to $1.40
• B)price to decrease to $1.50
• C)quantity supplied to increase to 50 units
• D)quantity demanded to increase to 80 units
• E)quantity demanded to increase to 90 units

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Definitions:

Motives

Internal driving forces that compel individuals to act or behave in certain ways to fulfill their needs or achieve goals.

Scientific Attitude

A mindset characterized by skepticism and the systematic search for empirical evidence when forming conclusions.

Open-minded Humility

The quality of being receptive and humble towards new information, perspectives, and evidence.

Recognize Errors

the ability to identify and acknowledge mistakes or inaccuracies in one's own work or reasoning.