If There Is a Shortage in the Market for Athletic

question 92

Multiple Choice

If there is a shortage in the market for athletic shoes,

• A)the price should rise to eliminate the shortage
• B)inventories of athletic shoes will grow
• C)demand will decrease to restore equilibrium
• D)firms will reduce production to restore equilibrium
• E)supply will increase to restore equilibrium

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Definitions:

Fundamental Attribution Error

The tendency to overestimate the effect of personality or disposition and underestimate the influence of situational factors when explaining the behaviors of others.

Actor-Observer Bias

The tendency to attribute one's own actions to external causes, while attributing others' actions to their internal characteristics or dispositions.

Internal Cause

Factors within an individual, such as traits or motivations, that are responsible for their thoughts, feelings, and behaviors.

External Cause

A factor or event that originates outside of an individual and has an impact on personal outcomes or behaviors.