If Both the Demand for a Product and the Supply

question 213

Multiple Choice

If both the demand for a product and the supply of it decrease, then the equilibrium quantity will ________ and the equilibrium price will ________.

• A) increase; either increase, decrease, or remain constant
• B) decrease; either increase, decrease, or remain constant
• C) increase; increase
• D) increase; decrease

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Definitions:

Correlational Information

Data that indicates the relationship between two variables, showing how one may predict or relate to the other without implying causation.

Longitudinal Research Method

A research design that involves repeated observations of the same variables over short or long periods of time.

Evolutionary Psychology

The branch of psychology that deals with the ways in which humans’ historical adaptations to the environment influence behavior and mental processes, with special focus on aggressive behavior and mating strategies.

Human Development

The process of physical, cognitive, emotional, and social growth and change that occurs throughout a person's life.