Why Do Markets Move Toward Equilibrium of Supply and Demand

question 99

Multiple Choice

Why do markets move toward equilibrium of supply and demand?

• A) because of the actions of buyers and sellers
• B) because of government regulations placed on market participants
• C) because of increased competition among sellers
• D) because of buyers' ability to affect market decisions

Comprehend various persuasion techniques and their applications in everyday scenarios.

Recognize the role of social roles, scripts, and norms in guiding individual behavior in specific settings.

Understand the influence of social psychology in explaining human behavior at the intrapersonal level including attitudes, the self, and social cognition.

Identify the factors contributing to the phenomenon of obedience in social psychology experiments.

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Definitions:

Economic Growth

Increase in a country's output of goods and services over time, often measured by GDP growth, indicating improved economic health and living standards.

Living Standards

The level of wealth, comfort, material goods, and necessities available to a person, group, or society.

Economic Rationality

The assumption that individuals make decisions based on the best possible benefit to themselves, considering available information and costs.

Unpaid Volunteer Work

Labor that individuals provide without financial compensation for the benefit of their community or society.