Use the Figure Below to Answer the Following Questions

question 40

Multiple Choice

Use the figure below to answer the following questions.

Figure 4.1.2
-Suppose this coming winter France will have unusually bad weather,and that next year's wine crop will be substantially reduced.Select the best statement.

• A)The French wine supply will increase as price rises.
• B)If the demand for French wine is elastic, wine producers will experience an increase in total revenue.
• C)The initial change in the market will create a surplus of French wine.
• D)In the final equilibrium, price and quantity will be higher.
• E)none of the above

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Definitions:

Behaviorism

Theoretical approach that seeks to explain behavior in terms of learning principles, without reference to inner states, thoughts, or feelings

Learning Principles

Fundamental guidelines or rules that describe how people acquire new knowledge, skills, attitudes, or behaviors.

Human Behavior

The entirety of actions, reactions, and interactions undertaken by humans, influenced by culture, attitudes, emotions, values, ethics, and the external environment.

Social Psychology

The scientific study of how people affect and are affected by others.