If Demand for a Good Decreases and Supply Remains Constant

question 131

Multiple Choice

If demand for a good decreases and supply remains constant, equilibrium price:

• A)and quantity will both increase.
• B)will increase, and equilibrium quantity will decrease.
• C)will decrease, and equilibrium quantity will increase.
• D)and quantity will both decrease.

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Definitions:

Existence Needs

Desires for physiological and material well-being.

McClelland

A psychologist known for his work on motivation and needs theory, specifically Achievement Motivation Theory.

Complex Tasks

Duties or projects that involve multiple steps, require higher-order thinking, and cannot be easily automated or simplified.

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The method of identifying resolutions for complex or challenging problems.