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:

Need to Belong

The inherent human drive to seek connections and interactions with others, considered a fundamental motivational force.

Secondary Emotion

Emotions that are more complex and are usually a response to a primary emotion; for example, feeling shame as a result of feeling fear.

Shame

Shame is a powerful, complex emotion that stems from a sense of failure or inadequacy and can significantly impact an individual's self-esteem and social interactions.

Sadness

An emotional state characterized by feelings of disappointment, grief, or hopelessness, often triggered by upsetting experiences.