A Sudden Decrease in the Market Demand in a Competitive

question 13

Multiple Choice

A sudden decrease in the market demand in a competitive industry leads to ​

• A)​A market equilibrium price higher than the original equilibrium in the short-run
• B)A market equilibrium price equal to the original equilibrium in the long-run
• C)Both a and b
• D)​None of the above

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Definitions:

Unintended Consequences

Outcomes that are not the ones foreseen or intended by a purposeful action, often contrary to the original intentions.

Latent Functions

are the unintended or unrecognized consequences of social processes or structures.

Symbolic Interactionists

Scholars and thinkers who study how people use symbols to create meaning, communicate, and develop their views of the world and themselves.

Primary Motivation

The main or underlying reason that drives an individual to act or behave in a certain way, often linked to fulfilling basic needs or achieving personal goals.