If Price Is Below Equilibrium in a Market, Then Quantity

question 22

True/False

If price is below equilibrium in a market, then quantity supplied will be less than quantity demanded.

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Definitions:

Functional Fixedness

A cognitive bias that limits a person's ability to use an object only in the way it is traditionally used, hindering problem-solving.

Confirmation Bias

A bias towards finding, comprehending, selecting, and reminiscing information that affirms one's prior beliefs or conjectures.

Framing Effect

The cognitive bias where people decide on options based on whether they are presented in a positive or negative way, rather than on the content itself.

Confirmation Bias

The inclination to seek out, understand, prefer, and remember details in a manner that validates one's existing opinions or theories.