An Increase in the Equilibrium Price for a Product Will

question 27

Multiple Choice

An increase in the equilibrium price for a product will result

• A)when the quantity demanded for the product exceeds the quantity supplied.
• B)when there is a decrease in supply and an increase in demand for the product.
• C)when there is a decrease in supply and a decrease in demand for the product.
• D)when there is an increase in demand and an increase in the number of firms producing the product.

---

Definitions:

Contiguity

The principle that for learning to take place, the stimulus and response should occur close together in time.

Response and Reward

The relationship between performing a specific behavior and receiving a corresponding outcome or reward, crucial in learning and motivation.

Guthrie

A psychologist recognized for his "contiguity theory" of learning, positing that associations between stimuli and responses are established through pairing or association.

Competing Associations

In learning and memory, the concept where multiple stimuli or ideas are linked to a single response or memory, leading to potential conflicts in recall or behavior.