-Refer to the Graph Above to Answer This Question

question 19

Multiple Choice

-Refer to the graph above to answer this question.What would be the effect of a price ceiling set $20 below the equilibrium price?

• A)A surplus of 100 units.
• B)A shortage of 100 units.
• C)300 units would be sold.
• D)There would be neither a surplus nor a shortage.
• E)The product would be overpriced.

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Definitions:

Contingency Theory

A theory that proposes the effectiveness of leadership is contingent upon the interaction of the leader's traits, behaviors, and the situation at hand.

Robert Rescorla

A psychologist known for his work on the theory of classical conditioning, particularly the role of cognitive processes in associative learning.

Conditioned Stimulus

A previously neutral stimulus that, after association with an unconditioned stimulus, elicits a conditioned response.

Thorndike's Law of Effect

A psychological principle stating that behaviors followed by satisfying consequences are likely to be repeated, while those followed by unpleasant consequences are less likely to be repeated.