The Following Two Graphs Depict the Equilibrium Price of a Pound

question 134

Multiple Choice

The following two graphs depict the equilibrium price of a pound of flax seed in Kentucky and West Virginia, respectively. Assume the type and quality of the flax seed being sold in the two states are identical. Further, assume flax seed sellers incur zero costs to transport flax seed between the two states and that there are no other barriers to trade. Use these graphs to answer the next questions.

-Suppose the price of a pound of flax seed is currently $1.20 in both Kentucky and West Virginia. Further, suppose there is a decrease in demand for flax seed in Kentucky but not in West Virginia. Before flax seed sellers are able to adjust the relative quantity of flax seed supplied in the two states, the decrease in demand causes the equilibrium price of a pound of flax seed in Kentucky to change by $0.20. The law of one price suggests that the price of a pound of flax seed be ________ in West Virginia after sellers adjust the relative quantity of flax seed supplied in the two states.

• A) $1.00
• B) between $1.20 and $1.00
• C) between $1.00 and $0.80
• D) less than $0.80
• E) higher than $1.20

Understand the different theoretical models of psychological disorders.

Identify the causes and features of anxiety, mood, and dissociative disorders according to various psychological models.

Recognize the symptoms and diagnostic criteria of specific psychological disorders.

Understand the impact of psychological disorders on individuals' behavior and cognition.

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Definitions:

Financially Independent

The state of having sufficient personal wealth to live, without having to work actively for basic necessities. For individuals, financial independence means the freedom to make life decisions without being overly stressed about financial constraints.

Diversity Training

Educational programs focused on improving participants' understanding, respect, and interaction with different cultures and demographics within the workplace.

Hierarchical Approach

A method of organization or structure where elements are ranked or arranged according to levels of importance or authority.

Offensive Behavior

Conduct that is disrespectful, harmful, or threatening towards others, and is typically unwelcome or unsolicited.