The Above Figure Shows the Market for T-Shirts

question 45

Multiple Choice

The above figure shows the market for t-shirts. If the price of t-shirts is $12, then

• A) there is a shortage and the price of t-shirts will fall.
• B) there is a surplus and the price of t-shirts will rise.
• C) there is a surplus and the price of t-shirts will fall.
• D) there is a shortage and the price of t-shirts will rise.
• E) the market is in equilibrium.

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Definitions:

Cross-Cultural Comparisons

The study of similarities and differences in behavior, traditions, and social processes among cultures.

Item-Responding Differences

Variations in how individuals answer or react to specific items on assessments, which can impact the interpretation of their responses.

Individualism/Collectivism Dichotomy

A cultural dimension that describes the degree to which people in a society prioritize individual goals and independence over group goals and cohesion.

Outgroup Members

Individuals who are not considered part of the dominant or main group, often viewed as different or separate from the primary in-group.