If the Price of Steel Increases Drastically, the Quantity of Steel

question 6

Multiple Choice

If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because

• A)buyers of steel are more sensitive to a price change if they have more time to adjust to the price change.
• B)buyers of steel are less sensitive to a price change if they have more time to adjust to the price change.
• C)sales revenue in the building industry will fall sharply.
• D)profits will fall by a greater amount in the long run than in the short run.

---

Definitions:

Information Sorting

The process of categorizing or organizing data based on specific criteria or priorities.

Stereotyping

A cognitive process where individuals assign specific attributes to others based on their membership in a particular social group, often leading to oversimplified and inaccurate beliefs.

Feeling

An emotional state or reaction that reflects a person's internal emotional experience.

Workplace Policies

Guidelines and rules established by an organization to regulate behavior and ensure efficient operation within the workplace.