When There Is an Excess Demand for a Good,there Is

question 6

Multiple Choice

When there is an excess demand for a good,there is:

• A)downward pressure on price because buyers are willing to pay more.
• B)downward pressure on price because firms accumulate unwanted inventories.
• C)upward pressure on price because buyers are willing to pay more.
• D)upward pressure on price because firms accumulate unwanted inventories.

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Definitions:

LaPiere's Study

A research project conducted in the early 1930s exploring the relationship between attitudes and behaviors, particularly in the context of prejudice and discrimination.

Elaboration Likelihood Model

A theory in social psychology that explains how the likelihood of elaboration, or the extent to which a person carefully processes a persuasive message, influences attitude change.

Reactance

A psychological phenomenon where individuals react against restrictions on their personal freedoms by showing opposition or doing the opposite of what is being imposed.

Theory of Planned Behavior

A psychological theory that posits intention toward behavior, subjective norms, and perceived behavioral control, together shape an individual's behavioral intentions and behaviors.