When the Supply of Good a Decreases

question 61

Multiple Choice

When the supply of good A decreases,

• A)the equilibrium price and the equilibrium quantity will increase.
• B)the equilibrium price will increase,but the equilibrium quantity will decrease.
• C)the equilibrium price and the equilibrium quantity will decrease.
• D)the equilibrium price will decrease,but the equilibrium quantity will increase.
• E)a surplus will result.

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Definitions:

Organic Societies

Societies characterized by complex differentiation and interdependence among its components, analogous to the organs of a living organism, often contrasted with simpler, more "mechanical" formations.

Collective Consciousness

is a term developed by Émile Durkheim to describe the set of shared beliefs, ideas, and moral attitudes which operate as a unifying force within society.

People's Beliefs

The various convictions or acceptances that individuals hold as true, often based on personal experiences, culture, or religion.

Social Currents

Broad, diffuse movements within society that influence collective behavior and beliefs without a formal organizational structure.