If the Supply and Demand Curves for a Product Both

question 250

Multiple Choice

If the supply and demand curves for a product both decrease, we can say that equilibrium:

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

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Definitions:

Instinctive Behavior

Actions or reactions that an organism is born with, such as reflexes and fixed action patterns, that are not learned.

Sign Stimulus

A distinctive environmental event that can activate the innate releasing mechanism (IRM) and release a fixed action pattern.

Fixed Action Pattern

A sequence of innate, unchangeable behaviors that is triggered by a specific stimulus and will be carried out to completion once started.

Action Specific Energy

A concept in ethology suggesting that certain behaviors build up energy within an organism, which then seeks release through specific actions.