-In the Figure, the Equilibrium Price Is Initially $3 Per

question 130

Multiple Choice

-In the figure, the equilibrium price is initially $3 per bushel of wheat. If suppliers come to expect that the price of a bushel of wheat will rise in the future, but buyers do not, the current equilibrium price will

• A) rise.
• B) not change.
• C) fall.
• D) Perhaps rise, fall, or stay the same, depending on whether there are more demanders or suppliers in the market.

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Definitions:

Ultimate Attribution Error

The tendency to believe that bad actions by outgroup members occur because of their internal dispositions and good actions by them occur because of the situation, while believing the reverse for ingroup members.

Ingroup Bias

The tendency to favor members of one's own group over those in other groups, often leading to preferential treatment and positive evaluations of ingroup members.

Outgroup Derogation

A phenomenon in which an out-group is perceived as being different from and inferior to the in-group.

Own Group

Own group refers to the social group or category to which an individual identifies as belonging, distinguishing them from other groups.