Which of the Following Events Would Cause Both the Equilibrium

question 36

Multiple Choice

Which of the following events would cause both the equilibrium price and equilibrium quantity of number two grade potatoes to increase if number two grade potatoes are an inferior good?

• A)an increase in consumer income
• B)a decrease in consumer income
• C)greater government restrictions on agricultural chemicals
• D)fewer government restrictions on agricultural chemicals

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, policies, or societal expectations.

Authority

The power or right to give orders, make decisions, and enforce obedience.

Bystander Effect

A social psychological phenomenon where individuals are less likely to offer help to a victim when other people are present.

Social Facilitation

The inclination of individuals to behave differently, often improving their performance, when they are around others compared to when they are by themselves.