What Combination of Changes Would Most Likely Decrease the Equilibrium

question 259

Multiple Choice

What combination of changes would most likely decrease the equilibrium price?

• A) when supply decreases and demand increases
• B) when demand increases and supply increases
• C) when demand decreases and supply decreases
• D) when supply increases and demand decreases

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Definitions:

Evolutionary Psychologists

Researchers who study how evolutionary principles, such as natural selection and adaptation, influence human thoughts, feelings, and behaviors.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision.

Improbable Events

Improbable events are occurrences with a low likelihood of happening, often surprising or unforeseen due to their rarity.

Confirmation Bias

The proclivity to pursue, decode, cherish, and memorize information that reinforces one's preconceived beliefs or assumptions.