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As the Number of Firms in a Market Decreases, the Supply

question 203

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As the number of firms in a market decreases, the supply curve will shift to the left and the equilibrium price will rise.


Definitions:

Psychoanalytic Theory

A theory of socialization positing that the unconscious mind shapes human behavior.

Unconscious Mind

Part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.

Social Learning Theory

A theory of socialization positing that the formation of identity is a learned response to social stimuli.

Role Model

A person whose behavior, example, or success is or can be emulated by others, especially by younger people.

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