Assume That the Supply Curve for a Commodity Shifts to the Left

question 152

Multiple Choice

Assume that the supply curve for a commodity shifts to the left and the demand curve shifts to the right,both by the same degree.Then,in comparison to the initial equilibrium,the new equilibrium will be characterized by ________.

• A) a lower price and quantity
• B) the same price and quantity
• C) a lower price and the same quantity
• D) a higher price and the same quantity

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Definitions:

Sensory Memory

The first stage of memory, where sensory information is stored in its raw form for a very brief period, allowing the brain to process it further.

Information-Processing Model

A framework used in cognitive psychology that compares human thought processes to computer processing, involving the coding, storage, and retrieval of information.

Short-Term Memory

Activated memory that holds a few items briefly, such as digits of a phone number while calling, before the information is stored or forgotten.

Sensory Memory

The shortest-term element of memory, it allows individuals to retain impressions of sensory information after the original stimulus has ceased.