A Change in the Price of a Good

question 141

Multiple Choice

A change in the price of a good

• A)Causes a shift in the supply curve.
• B)Results in a change in quantity supplied.
• C)Results in a change in supply.
• D)Is a determinant of supply.

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Definitions:

Decision-Making

The cognitive process of selecting a course of action from among multiple alternatives, often involving elements of judgment and reasoning.

Temporal Discounting

The tendency to value immediate rewards more highly than future rewards, leading to a preference for sooner over later outcomes.

Avoidance

A psychological mechanism or behavior aimed at steering clear from a specific stimulus or situation due to its perceived negative consequences.

Status Quo Bias

A cognitive bias that favors existing conditions or states of affairs, leading individuals to resist change.