The Line That Relates the Price of a Good and the Quantity

question 62

Multiple Choice

The line that relates the price of a good and the quantity demanded of that good is called the demand

• A)schedule, and it usually slopes upward.
• B)schedule, and it usually slopes downward.
• C)curve, and it usually slopes upward.
• D)curve, and it usually slopes downward.

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Definitions:

Sunk-cost Fallacy

The misconception that one should continue on a course of action because they have already invested resources (time, money, effort), regardless of the current and future costs.

Programmed Decisions

Decisions that are routine and repetitive, often made using predetermined rules and procedures.

False Consensus Effect

A cognitive bias whereby individuals overestimate the extent to which their beliefs, feelings, or behaviors are shared by others.

Innovation Process

A sequence of actions involving the creation, advancement, and execution of novel concepts or items.