Use the Following to Answer Questions: Table: Equilibrium Adjustment -(Table: Equilibrium Adjustment) Refer to the Table

question 247

Multiple Choice

Use the following to answer questions: Table: Equilibrium Adjustment $$\begin{array} { c c c } \hline \text { Price } & \text { Quantity Demanded } & \text { Quantity Supplied } \\\hline \$ 10 & 100 & 160 \\8 & 120 & 145 \\6 & 130 & 130 \\4 & 140 & 115 \\2 & 150 & 100 \\\hline\end{array}$$
-(Table: Equilibrium Adjustment) Refer to the table. If the price in the free market is $8, then a:

• A) surplus of 25 units would exist, and price would tend to fall.
• B) surplus of 25 units would exist, and price would tend to rise.
• C) shortage of 25 units would exist, and price would tend to rise.
• D) shortage of 25 units would exist, and price would tend to fall.

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Definitions:

Implicit Influence

The subtle or unconscious impact on an individual's attitudes, beliefs, or actions without their explicit awareness.

Informational Influence

A form of social influence where an individual changes their behavior or belief based on the information or evidence provided by others.

Normative Influence

The influence that leads individuals to conform to the norms or behaviors of a group to gain acceptance or approval.

Group Size

The number of members constituting a group, which can influence the group's dynamics, communication, and effectiveness.