When There Is a Decrease in Supply, All Else Held

question 69

Multiple Choice

When there is a decrease in supply, all else held equal,

• A)equilibrium price falls, demand increases, and equilibrium quantity increases.
• B)equilibrium price falls, demand does not change, and equilibrium quantity increases.
• C)equilibrium price rises, quantity demanded decreases, and equilibrium quantity decreases.
• D)equilibrium price falls, quantity demanded decreases, and equilibrium quantity decreases.
• E)equilibrium price rises, demand does not change, and equilibrium quantity increases.

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Definitions:

Projective Techniques

Psychological assessment tools that use ambiguous stimuli to elicit responses that reveal aspects of an individual's personality.

Reinforcers

Stimuli that increase the likelihood of a behavior being repeated by providing a consequence that is desirable to the individual.

Human Behavior

encompasses the wide range of behaviors exhibited by humans and is influenced by culture, attitudes, emotions, values, ethics, authority, rapport, hypnosis, persuasion, coercion, and genetics.

Extinction

In behavior psychology, the process where a conditioned response decreases in frequency and eventually disappears when the reinforcement is withdrawn.