If the Price of Steel Increases Drastically, the Quantity of Steel

question 6

Multiple Choice

If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because

• A)buyers of steel are more sensitive to a price change if they have more time to adjust to the price change.
• B)buyers of steel are less sensitive to a price change if they have more time to adjust to the price change.
• C)sales revenue in the building industry will fall sharply.
• D)profits will fall by a greater amount in the long run than in the short run.

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Definitions:

Sins of Commission

Errors or wrongdoings resulting from action taken, as opposed to inaction or omission.

Sins of Omission

Failures to act that result in negative outcomes or harm, often discussed in ethical or moral contexts.

Risky Shifts

A phenomenon observed in group decision-making processes, where groups tend to make riskier decisions than individuals would when alone.

Original Experiments

Experimental studies or research designed to test hypotheses by manipulating variables in a controlled environment for the first time.