Many Consumer Items Eventually Go Out of Style,and Because Fewer

question 8

Multiple Choice

Many consumer items eventually go out of style,and because fewer people want these items,demand for them drops.When this happens,we usually see production of these items stop.What happens to the equilibrium price and equilibrium quantity in a market like this?

• A) The equilibrium price goes up and equilibrium quantity goes up.
• B) The equilibrium price is indeterminate and equilibrium quantity goes up.
• C) The equilibrium price goes down and equilibrium quantity is indeterminate.
• D) The equilibrium price is indeterminate and equilibrium quantity goes down.
• E) The equilibrium price goes up and equilibrium quantity is indeterminate.

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Definitions:

Low Self-Esteem

A condition characterized by an individual's persistent belief in their lack of worth and capabilities.

Intrinsic Motivated

Intrinsically motivated describes when one engages in an activity for the inherent satisfaction or pleasure derived from the activity itself, rather than for some separable outcome.

Desirability Theory

A theory focusing on the factors that make concepts, objects, or behaviors appealing and sought after by individuals or societies.

Self-Control

The ability to regulate one's emotions, thoughts, and behaviors in the face of temptations and impulses, often to achieve long-term goals.