As the Price of a Good Increases

question 211

Multiple Choice

As the price of a good increases:

• A) it becomes profitable to produce more of the good as long as the costs of production stay the same.
• B) it becomes profitable to produce more of the good even with higher costs of production.
• C) demand for that good will decrease.
• D) suppliers will adjust their quantity supplied only if demand for the good declines.

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Definitions:

Intellectual Openness

The willingness to consider and engage with ideas and knowledge that differ from one's own perceptions and beliefs.

Self-motivation

Refers to the ability of an individual to initiate and persist at a task or goal without external encouragement or reward.

Emotional Intelligence

The ability to recognize, understand, and manage one's own emotions and the emotions of others in productive and empathetic ways.

Self-esteem

A measure of how much you value, respect, and feel confident about yourself.