The Models of Demand and Supply Assume

question 23

Multiple Choice

The models of demand and supply assume:

• A) competitive markets.
• B) no one in the market has power over equilibrium price.
• C) each market participant takes the price as given.
• D) all of the above.

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Definitions:

Wundt

A psychologist often referred to as the father of experimental psychology, known for establishing the first psychology laboratory.

Plato

An ancient Greek philosopher, a student of Socrates, whose work laid the foundations for much of Western philosophy and science.

Freud

Sigmund Freud, an Austrian neurologist, established psychoanalysis as a therapeutic approach to address psychopathology through conversational interaction between a psychoanalyst and a patient.

Functionalism

A theoretical framework in psychology that emphasizes the roles and purposes of mind and behavior in adapting to the environment.