-Refer to Exhibit 3-7

question 24

Multiple Choice

-Refer to Exhibit 3-7.If S₁ is the relevant supply curve,an increase in the price of good X may cause

• A) the supply of good X to shift from S₁ to S₂
• B) the supply of good X to shift from S₁ to S₃.
• C) a movement along S₁ perhaps from point A to point B.
• D) a movement along S₁ perhaps from point A to point C.
• E) no change in the quantity supplied of good X.

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Definitions:

Availability Heuristic

A cognitive shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic or decision.

Headlines

The titles or captions used in newspapers, articles, or posts to catch the reader's attention.

Availability Heuristic

A brain shortcut utilizing the foremost examples occurring to an individual when pondering over a specific topic, concept, approach, or judgment.

Younger Brother

A male sibling who is born after another sibling, typically sharing the same parents.