Recall Application 3, "The Supply and Demand for Cruise Ship

question 129

Multiple Choice

Recall Application 3, "The Supply and Demand for Cruise Ship Berths," to answer the following questions:
-Based on the application, an increase in the supply of cruise ships (all else equal) would cause the equilibrium price of cruise ship berths to:

• A) remain constant.
• B) increase or decrease, without certainty.
• C) decrease.
• D) increase.

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Definitions:

Overjustification Effect

A phenomenon where providing excessive external rewards for an already internally rewarding activity decreases the intrinsic motivation to perform that activity.

Opponent-process Effect

A psychological and neurological model that explains contrasting color after-images and emotional contrasts.

Zeigarnik Effect

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Von Restorff Effect

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