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Other Things Being Equal, If There Is a Price Increase

question 144

True/False

Other things being equal, if there is a price increase of a good measured on the vertical axis, the budget constraint shifts outward.


Definitions:

Social Learning Theory

A theory of learning and social behavior which proposes that new behaviors can be acquired by observing and imitating others.

Reciprocal Determinism

Bandura’s term for the way people affect their environments even while their environments affect them.

Julian Rotter

An American psychologist known for developing social learning theory and the concept of locus of control.

Positive Affect

The experience of pleasurable emotions such as happiness, joy, enthusiasm, and contentment.

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