If the Price of Oil Increases Then

question 59

Multiple Choice

If the price of oil increases then:

• A) the equilibrium price and quantity of food will increase
• B) The equilibrium price of food will decrease, and the equilibrium quantity of food will increase
• C) the equilibrium price and quantity of food will decrease
• D) the equilibbiurm price of food will increase, and the equilibrium quantity of food will decrease

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Definitions:

Concrete

Pertaining to material objects, physical construction, or specific, tangible ideas as opposed to abstract concepts.

Symbolic Interaction Theory

Theory that people make sense of the world based on their interpretation of words or symbols used by others.

Semantics

The branch of linguistics and logic concerned with meaning, including the relations between signs and what they denote.

Dissonance Theory

A psychological model proposing that inconsistency among beliefs, attitudes, or behaviors creates discomfort leading to an alteration in one of them to reduce the dissonance.