If the Demand for a Product in an Increasing Cost

question 159

Multiple Choice

If the demand for a product in an increasing cost perfectly competitive industry decreases, we would expect that price in the long run would ________ and the number of firms in the market would ________.

• A) decrease; decrease
• B) increase; increase
• C) decrease; increase
• D) increase; decrease

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Definitions:

Personal Control

The degree to which an individual believes they have control over the events in their life.

Pressured to Conform

The feeling that one must align their attitudes, beliefs, or behaviors with those of a larger group.

Social Control

Refers to the mechanisms, strategies, and practices employed by society to regulate individual behavior and maintain social order.

Groupthink

A behavior pattern observed in groups in which the need for unity or agreement leads to unwise or flawed decisions.