An Increase in Demand Coupled with a Decrease in Supply

question 110

Multiple Choice

An increase in demand coupled with a decrease in supply results in a(n)

• A) increase in equilibrium price and an ambiguous effect on equilibrium quantity
• B) increase in equilibrium quantity and a decrease in equilibrium price
• C) decrease in equilibrium quantity and an ambiguous effect on equilibrium price
• D) surplus
• E) decrease in the equilibrium price and quantity

Recognize the importance of unconscious motives in shaping personality as per Freudian and Jungian theories.

Identify and understand the basic dimensions of personality and theories related to them.

Understand the trait approach to personality and its criticisms.

Comprehend the role of behavioral genetics in studying personality.

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Definitions:

Fixed Overhead

Expenses that remain constant regardless of how much is produced or sold, including items like lease payments, wages, and insurance premiums.

Direct Labor

The wages or salaries paid to employees who are directly involved in manufacturing a product or providing a service.

Raw Material

Basic materials used in the production process to manufacture finished goods, essential components of production cost.

Cost of Goods Sold

Direct expenditures involved in the manufacture of products a business sells, such as labor and materials.