Figure 3-6 -Refer to Figure 3-6. the Figure Above Represents the Market

question 278

Multiple Choice

Figure 3-6
-Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Assume that the price of tote bags is $15. At this price:

• A) the quantity demanded exceeds the quantity supplied of tote bags by 75. The price will eventually rise to $25 where quantity demanded will equal quantity supplied.
• B) the demand exceeds the supply of tote bags by 55. Some consumers will have an incentive to offer to buy tote bags at a higher price.
• C) there is a shortage, equal to 55 tote bags, that will be eliminated when the price rises to $25.
• D) there is a shortage equal to 55 tote bags; the price of tote bags will rise until demand is equal to supply.

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Definitions:

Self-Aware

Having conscious knowledge of one's own character, feelings, motives, and desires.

Applied Behavior Analysis

A scientific discipline concerned with applying techniques based on behavioral principles to change behavior of social significance.

Operant Conditioning

An instruction strategy by which the intensity of an action is adjusted via positive reinforcement or disciplinary measures.

Classical Conditioning

A cognitive learning strategy where the repeated combination of two stimuli results in a response that, at the beginning elicited by the second stimulus, is eventually elicited by the first stimulus alone.