Suppose a Market Is in Equilibrium

question 74

Multiple Choice

Suppose a market is in equilibrium.An increase in demand in this market will lead to a(n) :

• A)increase in supply.
• B)decrease in supply.
• C)decrease in quantity supplied.
• D)increase in quantity supplied.
• E)decrease in equilibrium price.

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Definitions:

William James

A philosopher and psychologist who is often referred to as the father of American psychology, known for his work on pragmatism and functionalism.

Gestalt Psychology

A theory of mind and brain positing that the operational principle of the brain is holistic, parallel, and analog, with self-organizing tendencies.

Cognitive Psychology

A branch of psychology that studies mental processes including how people think, perceive, remember, and learn.

Functionalism

A paradigm in psychology that focuses on how mental and behavioral processes enable an individual to adapt, survive, and flourish.