If Demand Is Highly Elastic and Supply Shifts to the Left

question 138

Multiple Choice

If demand is highly elastic and supply shifts to the left:

• A) price will rise significantly; quantity hardly changes at all.
• B) price will hardly change at all; quantity will decline significantly.
• C) price will rise significantly and quantity will fall significantly.
• D) price and quantity will hardly change at all.

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Definitions:

Social-cognitive Perspective

A view in psychology that focuses on how people process, store, and apply information about others and social situations.

Learned Helplessness

A condition in which a person suffers from a sense of powerlessness, arising from a traumatic event or persistent failure to succeed, and is characterized by giving up effort, even when opportunities for change are available.

Vulnerable

A state of being open to harm, damage, or attack, either physically or emotionally.

Creative Energy

The force or drive behind the generation of new ideas, artistic expressions, or problem-solving techniques.