Refer to the Above Diagram, in Which S₁ and D₁

question 212

Multiple Choice

Refer to the above diagram, in which S₁ and D₁ represent the original supply and demand curves and S₂ and D₂ the new curves.In this market the indicated shift in demand may have been caused by:

• A)a decline in the number of buyers in the market.
• B)a decline in the price of a substitute good.
• C)an increase in incomes if the product is a normal good.
• D)an increase in incomes if the product is an inferior good.

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Definitions:

Frequency

The rate at which something occurs or is repeated over a particular period of time or in a given sample.

Desired Behavior

The specific actions or reactions that an organization or individual aims to elicit in a particular context.

Escape Learning

A type of conditioning where the subject learns to perform a behavior in order to terminate or avoid an unpleasant stimulus.

Negative Reinforcement

A concept in behavioral psychology where the removal of an unfavorable outcome or stimulus strengthens the behavior that led to its removal.