At the Current Price, There Is a Shortage of a Product

question 340

Multiple Choice

At the current price, there is a shortage of a product. We would expect price to

• A) increase, quantity demanded to increase, and quantity supplied to decrease.
• B) increase, quantity demanded to decrease, and quantity supplied to increase.
• C) increase, quantity demanded to increase, and quantity supplied to increase.
• D) decrease, quantity demanded to increase, and quantity supplied to decrease.

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Definitions:

Operant Conditioning

Operant Conditioning is a learning process through which the strength of a behavior is modified by reinforcement or punishment.

Reflexive Behaviour

Automatic, involuntary actions or responses to stimuli, that do not require conscious thought.

Operant Conditioning

The process of acquiring knowledge by which a behavior's level is modified using encouragement or deterrents.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired; a response that is initially elicited by the second stimulus is eventually evoked by the first stimulus alone.