The Relationship Between Price and Quantity Supplied After Firms Fully

question 16

Multiple Choice

The relationship between price and quantity supplied after firms fully adjust to any short-term economic profit or loss resulting from a change in demand is illustrated by the

• A)long-run industry supply curve
• B)Dutch auction model
• C)short-run firm supply curve
• D)constant-cost industry supply curve
• E)short-run industry supply curve

---

Definitions:

Feeling Guilty

The emotional state of being culpable or remorseful for an action or thought, often associated with the violation of one’s moral or ethical standards.

Diffusion of Responsibility

A phenomenon where individuals are less likely to take action or feel a sense of responsibility when others are present.

Bystander Effect

The situation wherein people are less inclined to assist someone in need when there are others around.

Social Exchange Theory

A hypothesis positing that actions within a society stem from a transactional process designed to optimize advantages while reducing disadvantages.