In 2015, the Price of Peanuts Was Rising, Which Led

question 219

Multiple Choice

In 2015, the price of peanuts was rising, which led peanut butter buyers to expect the price of peanut butter would rise in the future. Consequently, in the current market for peanut butter there was ________ which resulted in ________ in the price of peanut butter and ________ in the quantity of peanut butter.

• A) an increase in demand for peanut butter; an increase; an increase
• B) an increase in supply of peanut butter; a decrease; an increase
• C) a decrease in demand for peanut butter; a decrease; a decrease
• D) a decrease in supply of peanut butter; an increase; a decrease

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Definitions:

Cognitive Learning

A type of learning that involves mental processes, such as thinking, knowing, problem-solving, remembering, and paying attention.

Operant Conditioning

A simple form of learning in which an organism learns to engage in behavior because it is reinforced.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired; a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Social Cognitive Theory

A theory that emphasizes the importance of observational learning, imitation, and modeling in behavior.