If the Demand for a Product Remains the Same and the Supply

question 193

Multiple Choice

If the demand for a product remains the same and the supply falls,

• A) the market clearing price will fall and the equilibrium quantity will rise.
• B) the market clearing price will rise and the equilibrium quantity will fall.
• C) both the market clearing price and the equilibrium quantity will fall.
• D) both the market clearing price and the equilibrium quantity will rise.

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Definitions:

Superego

A component of Sigmund Freud's psychoanalytic theory, representing the moral conscience and the ethical standards by which the ego operates.

Social Learning Theory

A theory that suggests people learn new behaviors and norms through observation, imitation of others, and modeling, especially from those in authority or peer groups.

Reinforcement

In psychology, a process by which a certain stimulus or action encourages the repetition of a behavior, strengthening the likelihood of its occurrence.

Social Learning Theory

A theory that suggests people learn new behaviors through observational learning, imitating others, and modeling what they observe in social contexts.