When Economists Say the Quantity Supplied of a Product Has

question 173

Multiple Choice

When economists say the quantity supplied of a product has decreased, they mean the

• A) supply curve has shifted to the left.
• B) supply curve has shifted to the right.
• C) price of the product has risen, and consequently, suppliers are producing more of it.
• D) price of the product has fallen, and consequently, suppliers are producing less of it.

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Definitions:

Expectancy Model

A psychological theory that explains the process of motivation by associating efforts with performance and desirable outcomes.

Mistake

An action or judgment that is misguided or wrong.

McClelland's Learned Need

A theory suggesting that people's needs for achievement, power, and affiliation are acquired over time based on their life experiences.

Motivation Model

Theoretical frameworks that aim to explain the drive behind individuals' actions, desires, and needs.