If the Price of Steel Increases Drastically, the Quantity of Steel

question 6

Multiple Choice

If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because

• A)buyers of steel are more sensitive to a price change if they have more time to adjust to the price change.
• B)buyers of steel are less sensitive to a price change if they have more time to adjust to the price change.
• C)sales revenue in the building industry will fall sharply.
• D)profits will fall by a greater amount in the long run than in the short run.

Recognize the contributions and perspectives of early schools of thought in psychology, such as structuralism and functionalism.

Identify pioneering women in psychology and their contributions to the field.

Understand the method of introspection and its role and limitations in early psychological research.

Understand how to compute percent frequency for data classes.

---

Definitions:

Fixed Costs

Fixed costs refer to the expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.

Revenue

The total amount of money received by a company from its business activities, such as the sale of goods or services, before any expenses are deducted.

Break-Even Volume

The number of units that must be sold for total revenues to equal total costs, resulting in no profit or loss.

Fixed Costs

Fixed costs are business expenses that remain unchanged regardless of the level of production or sales, such as rent, salaries, and insurance premiums.