Exhibit 3-3 -If the Supply of and Demand for a Product Both

question 129

Multiple Choice

Exhibit 3-3

-If the supply of and demand for a product both decrease,then equilibrium

• A) quantity and equilibrium price must both decline.
• B) quantity must decline, but equilibrium price may either rise, fall, or remain unchanged.
• C) price must fall, but equilibrium quantity may either rise, fall, or remain unchanged.
• D) quantity must fall and equilibrium price must rise.

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Definitions:

Temporary Scaffold

A support provided for learning that is gradually removed as the learner becomes more competent, facilitating independence in the learning process.

Higher Levels

Pertains to advanced or elevated stages or states in a hierarchy or scale, often referring to complexity, understanding, or consciousness.

Concrete Operational

A stage in Piaget's theory of cognitive development, where children from about 7 to 11 years old develop logical thinking but still struggle with abstract concepts.

Preoperational

A stage in Jean Piaget's theory of cognitive development where children, from about 2 to 7 years old, are unable to think logically and are focused on themselves and their immediate viewpoint.