If E Were the Old Equilibrium in the Market for Wheat

question 12

Multiple Choice

If E were the old equilibrium in the market for wheat in the figure below, and E' the new one, which of the following could have caused the change?

• A)Consumer income rose, causing a supply shift.
• B)Bad weather caused a supply shift.
• C)Consumer income rose, causing a demand shift.
• D)Supply and demand both shifted.
• E)None of the above are plausible descriptions.

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Definitions:

Self-actualization

A concept in psychology representing the realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone.

Needs-hierarchy Theory

A psychological theory proposed by Abraham Maslow that categorizes human needs into a hierarchical structure, from basic physiological needs to self-actualization.

Maslow

Abraham Maslow was an American psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.

Maslow

Refers to Abraham Maslow, an American psychologist who developed the hierarchy of needs theory, emphasizing the importance of self-actualization.