Say's Law Implies That

question 104

Multiple Choice

Say's law implies that

• A) wages and prices are not flexible.
• B) people supply goods and services to the market because they want to consume other goods and services.
• C) government regulation is needed to prevent shortages from becoming a problem.
• D) government regulation is needed to prevent surpluses from becoming a problem.

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Definitions:

Negatives

In photography, a reversed image with inverted colors and values; in general usage, aspects or conditions that are not favorable or desired.

Connectionist Models

A computational approach in cognitive science that models mental or behavioral phenomena as the emergent processes of interconnected networks of simple units.

Word-Superiority Effect

A phenomenon in psychology where people recognize letters more accurately when they are within a word compared to when they stand alone or are in a non-word.

Expected Value

A calculated average outcome of a probabilistic event, considering all possible outcomes and their likelihoods.