If the Supply Curve Shifts Leftward and the Demand Curve

question 155

Multiple Choice

If the supply curve shifts leftward and the demand curve also shifts leftward, and if demand shrinks relatively less than supply, then price will:

• A) rise and quantity will fall.
• B) fall and quantity will rise.
• C) be indeterminate and quantity will fall.
• D) stay the same and quantity will fall.

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Definitions:

Altruism

The principle or practice of concern for the welfare of others, often at a cost to oneself.

Collectivist Cultures

Cultures that prioritize the group over the individual, emphasizing communal goals, social harmony, and collective responsibilities.

Individualistic Cultures

Societies where personal achievements and independence are prioritized.

Job Security

The probability that an individual will retain their job without the risk of becoming unemployed.