The Mechanism of Supply and Demand Is

question 224

Multiple Choice

The mechanism of supply and demand is

• A)a fundamental tool in both microeconomics and macroeconomics.
• B)the only real "law" of economics.
• C)a fundamental tool only in microeconomics.
• D)a fundamental tool only in macroeconomics.

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Definitions:

Avoidance-avoidance

A conflict situation where a choice must be made between two undesirable options.

Approach-approach

A conflict situation where an individual must choose between two desirable outcomes.

Incompatible demands

Situations or expectations that are at odds with one another, making it difficult to comply with both simultaneously.

Approach-avoidance

A psychological conflict that occurs when an individual is simultaneously drawn to and repelled by the same object, goal, or activity.