-Using the Above Figure, Suppose There Is a Decrease in the Number

question 296

Multiple Choice

-Using the above figure, suppose there is a decrease in the number of suppliers. Then

• A) the equilibrium price will decrease below $25 per dozen roses.
• B) we cannot predict what will happen to equilibrium quantity.
• C) both the equilibrium price and quantity will increase.
• D) the equilibrium quantity will decrease below 10 dozen roses.

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Definitions:

Adaptive Capacity

The ability of individuals or systems to adjust and cope with changes or challenges in their environment.

Cognitive Dissonance

Psychological discomfort experienced when attitudes and behavior are inconsistent.

Unfreezing

The initial phase in the change process where old habits or structures are dismantled to accept new ways of thinking.

Social Psychologist

A specialist who studies how individual behavior and mental processes are influenced by social interactions and societal factors.