Two Events Occur Simultaneously in the Market for California Wine

question 65

Multiple Choice

Two events occur simultaneously in the market for California wine: Event 1: The price of glass wine bottles falls because strict government regulations on anti-shatter glass containers are abolished by Congress.
Event 2: The price of cheese increases.
Using demand and supply analysis predict what is likely to happen to the equilibrium price of California wine and the equilibrium quantity of California wine.

• A)Demand for California wine increases and supply of California wine increases,and the impact of these two simultaneous events is to increase equilibrium price and increase equilibrium quantity.
• B)Demand for California wine increases and supply of California wine decreases,and the impact of these two simultaneous events is to decrease equilibrium price while the change in equilibrium quantity is indeterminate.
• C)Demand for California wine decreases and supply of California wine decreases,and the impact of these two simultaneous events is to decrease equilibrium quantity while the change in equilibrium price is indeterminate.
• D)Demand for California wine decreases and supply of California wine decreases,and the impact of these two simultaneous events is to increase equilibrium price while the change in equilibrium quantity is indeterminate.
• E)Demand for California wine increases and supply of California wine increases,and the impact of these two simultaneous events is to increase equilibrium quantity while the change in equilibrium price is indeterminate.

Interpret correlation coefficients and understand their implications in research findings.

Understand and describe the third variable problem in correlational research.

Describe the ethical guidelines addressed by the American Psychological Association (APA).

Understand and explain the cognitive approach to psychology.

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Definitions:

Malpractice

Professional misconduct or lack of skill that results in harm to another, common in medical, legal, and financial services professions.

Partnership

A form of business legally established for joint operation, where management duties and profits are shared among two or more collaborators.

Incorporation Options

Various legal structures available for businesses when formally establishing their company with the state.

Sole Proprietorship

A business owned and operated by a single individual, with no distinction between the business and the owner in terms of legal and financial affairs.