A New Technology Is Developed That Makes Mining for Gold

question 10

Multiple Choice

A new technology is developed that makes mining for gold less costly. The result is _____ equilibrium price and _____ equilibrium quantity of gold.

• A) lower; lower
• B) lower; higher
• C) higher; lower
• D) higher; higher

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Definitions:

Obedience Theory

A concept in psychology that examines why and how individuals comply with orders or directions from authority figures.

Intergroup Relations

Intergroup relations refer to the interactions and attitudes between members of different groups, including cooperation, conflict, and competition.

Multiculturalism

A societal approach that recognizes, values, and promotes cultural diversity, advocating for the coexistence of different cultural identities.

Ethnicity

Refers to the shared cultural practices, perspectives, and distinctions that set apart one group of people from another, often based on heritage, language, or ancestry.