Assume a Competitive Market Is in Equilibrium

question 159

Multiple Choice

Assume a competitive market is in equilibrium.There is an increase in demand,but no change in supply.As a result the equilibrium price ________,and the equilibrium quantity ________.

• A) rises; increases
• B) rises; does not change
• C) falls; does not change
• D) falls; decreases
• E) falls; increases

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Definitions:

Age stereotypes

Refer to the generalized beliefs or perceptions about people based on their age, often leading to discrimination or biased behavior.

Retirement

The process of leaving one's job or career and ceasing to work, typically upon reaching a certain age or due to health reasons.

Attentional Blink

A phenomenon where a person fails to notice a second stimulus when it appears closely in time after the first stimulus.

Stimuli

External or internal factors that provoke a physiological or psychological response in an organism.