If the Supply of a Good Decreased, What Would Be

question 167

Multiple Choice

If the supply of a good decreased, what would be the effect on the equilibrium price and quantity?

• A) Price would increase, and quantity would decrease.
• B) Price would decrease, and quantity would decrease.
• C) Price would increase, and quantity would increase.
• D) Price would decrease, and quantity would increase.

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Definitions:

Variable-interval

A schedule of reinforcement where a response is rewarded after an unpredictable amount of time has passed.

Variable-ratio

A schedule of reinforcement where a response is rewarded after an unpredictable number of responses, commonly used in behavior modification techniques.

Fixed-ratio

A schedule of reinforcement where a response is rewarded only after a specified number of responses, commonly used in behavior analysis.

Positive Reinforcement

In behaviorism, a method of increasing the likelihood of a behavior by following it with a desirable event or outcome.