If the Supply of a Product Decreases and the Demand

question 191

Multiple Choice

If the supply of a product decreases and the demand for that product simultaneously increases, we can conclude that equilibrium:

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

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Definitions:

Self-Actualizers

Refers to individuals who have realized their potential and seek personal growth and fulfillment, as defined in Maslow's hierarchy of needs.

Basic Motivation

The fundamental drives, desires, or needs that propel individuals to engage in certain behaviors or pursue particular goals.

Flexible

The quality of being able to adapt to different situations, change, or bend without breaking.

Willing to Make Mistakes

A characteristic of individuals who accept the possibility of errors as a part of the learning process and personal growth, recognizing that mistakes often lead to new insights and accomplishments.