Given a Positively Sloped Supply Curve, When Market Demand Increases

question 72

Multiple Choice

Given a positively sloped supply curve, when market demand increases

• A)the new equilibrium will have a higher price and a smaller quantity.
• B)the new equilibrium will have a higher price and a larger quantity.
• C)the new equilibrium will have the same price and larger quantity.
• D)the new equilibrium will have a lower price and a smaller quantity.
• E)the new equilibrium will have a lower price and a greater quantity.

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Definitions:

Symbolic Interactionism

A sociological perspective focusing on the roles that symbols and language play in the formation of self and society.

Cognitive Bias

A systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.

Emotion

A rephrased definition: A complex psychological state involving subjective feelings, physiological responses, and behavioral expressions.

Symbolic Interaction

A theoretical perspective in sociology and social psychology that focuses on how individuals interact with one another based on the meanings they assign to symbols.