Other Things Remaining the Same,a Rightward Shift in the Supply

question 80

Multiple Choice

Other things remaining the same,a rightward shift in the supply curve will lead to a(n) ________.

• A) increase in the equilibrium price and the equilibrium quantity
• B) decrease in the equilibrium price and the equilibrium quantity
• C) decrease in the equilibrium price and an increase in the equilibrium quantity
• D) increase in the equilibrium price and a decrease in the equilibrium quantity

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Definitions:

Planning Fallacy

The optimistic cognitive bias that leads individuals or teams to underestimate the time, costs, and risks of future actions, while overestimating the benefits.

Overconfidence Effect

A cognitive bias where people overestimate their own abilities, knowledge, or predictions.

Behavioral Economics

A branch of economics concerned with understanding how the economic behaviors of individuals and institutions are impacted by factors like psychology, cognition, emotions, culture, and society.

Hindsight Bias

A psychological phenomenon where people believe they could have predicted an event after it has already occurred.