With a Downward Sloping Demand Curve and an Upward Sloping

question 204

Multiple Choice

With a downward sloping demand curve and an upward sloping supply curve for a product, a decrease in resource prices will:

• A)increase equilibrium price and quantity.
• B)decrease equilibrium price and quantity.
• C)decrease equilibrium price and increase equilibrium quantity.
• D)increase equilibrium price and decrease equilibrium quantity.

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Definitions:

Stimulus-Independent Thought

Thoughts that occur without any direct external triggers, allowing the mind to wander or engage in internal reflection.

Daydreams

A stream of consciousness that detaches from current external tasks or surroundings, allowing for spontaneous internal thoughts and imaginings.

Sternberg

Refers to Robert Sternberg, an American psychologist and professor best known for his theory on intelligence and creativity.

Short-Term Memory

A mental system that has a restricted capacity designed for briefly maintaining information for the purpose of processing.