Refer to the Figure Below: Let Supply Remain Constant

question 49

Multiple Choice

Refer to the figure below: Let supply remain constant at S; a decrease in income causes consumers to be willing and able to purchase 150 fewer units at each price than they were previously.

• A)The new equilibrium price and quantity will be P = $6 and Q = 150.
• B)The new equilibrium price and quantity will be P = $5 and Q = 150.
• C)The new equilibrium price and quantity will be P = $7 and Q = 250.
• D)The new equilibrium price and quantity will be P = $5 and Q = 200.

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Definitions:

Ambiguous Stimuli

Refers to sensory information that can be interpreted in multiple ways, leading to uncertainty or variability in perception.

Inner Thoughts

Personal, private reflections or considerations, often not voiced or shared with others.

Personality Inventory

A type of questionnaire or psychological test designed to reveal aspects of an individual's character or psychological makeup.

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The personal cognitive processes or considerations of a person.