If the Demand for a Product Decreases and the Supply

question 68

True/False

If the demand for a product decreases and the supply of the same product decreases, the equilibrium price will decrease.

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Definitions:

Capable

Having the ability, fitness, or quality necessary to do or achieve a specified thing.

Motivated

Refers to the drive, desire, or willingness of an individual to take action or achieve a certain goal.

Law of Effect

A psychological principle stating that behaviors followed by favorable consequences tend to be repeated, while behaviors followed by negative consequences are less likely to be repeated.

Pleasant Outcomes

Positive results or benefits that are satisfying or enjoyable, often as a result of specific actions or behaviors.