Consider the Market for Broccoli

question 463

Multiple Choice

Consider the market for broccoli. If the price of a pound of broccoli increases, what happens to the supply of broccoli?

• A) The supply of broccoli decreases.
• B) The supply of broccoli increases.
• C) There will be no change in the supply of broccoli, but instead there is an increase in the quantity supplied of broccoli.
• D) There will be no change in the supply of broccoli, but instead there is a decrease in the quantity supplied of broccoli.

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Definitions:

Self-serving Bias

A common tendency to attribute one's successes to personal characteristics and failures to external factors.

Just-world Hypothesis

The cognitive bias that assumes that actions always yield morally fair and fitting consequences, essentially that the world is just.

Groupthink

A psychological phenomenon that occurs within a group of people when the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome.

Symptoms

Signs or indications of a disease, disorder, or condition, often experienced by the individual affected.