Suppose Demand Is Perfectly Elastic,and the Supply of the Good

question 277

Multiple Choice

Suppose demand is perfectly elastic,and the supply of the good in question decreases.As a result,

• A)the equilibrium quantity decreases,and the equilibrium price is unchanged.
• B)the equilibrium price increases,and the equilibrium quantity is unchanged.
• C)the equilibrium quantity and the equilibrium price both are unchanged.
• D)buyers' total expenditure on the good is unchanged.

Recognize decision-making styles, their advantages, disadvantages, and the sins of decision making.

Explore methods and models for improving group decision-making and the stages within these models.

Understand the mechanisms that lead to group polarization including social comparison and normative influence.

Recognize the differences in decision-making processes between groups and individuals, including tendencies towards risk-taking or conservatism.

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Definitions:

Scapegoat Theory

A social psychological theory that suggests individuals may blame others for their own troubles or misfortunes as a way of coping with distress.

Prejudice And Discrimination

Prejudice refers to preconceived opinions or attitudes towards individuals or groups, while discrimination involves actions or behaviors that disadvantage people based on these prejudices.

Frustration

The psychological experience produced by the blocking of a desired goal or fulfillment of a perceived need.

Attribution

The process by which individuals explain the causes of their own and others' behaviors and events.