Figure 4-21 -At Price P₁ in Figure 4-21, What Will Tend to What

question 68

Multiple Choice

Figure 4-21

-At price P₁ in Figure 4-21, what will tend to happen?

• A)There will be a shortage, and the price will fall.
• B)There will be a shortage, and the price will rise.
• C)There will be a surplus, and the price will rise.
• D)There will be a surplus, and the price will fall.
• E)Equilibrium will occur in the market.

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Definitions:

Plentiful Opportunities

The abundant availability or presence of options or circumstances for action or engagement.

Compliance-Gaining Technique

Strategies used to persuade or induce others to align with one's requests or directions.

Elaboration Likelihood Model

A theory suggesting two primary pathways (central and peripheral) through which persuasion occurs, based on the depth of processing.

Heuristic/nonconscious Processing

Mental short cuts or automatic processing strategies the brain uses to make quick decisions or judgments.