Suppose Demand Decreases and Supply Decreases

question 132

Multiple Choice

Suppose demand decreases and supply decreases.Which of the following will happen?

• A)equilibrium price will increase
• B)equilibrium price will decrease
• C)equilibrium quantity will increase
• D)equilibrium quantity will decrease
• E)neither the equilibrium price nor the quantity will change

Describe the role of genetic variation and natural selection in the evolution of species.

Explain the significance of reproductive isolating mechanisms in the speciation process.

Identify the factors that contribute to the diversification of species in different habitats.

Analyze the application of different species concepts in identifying species.

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Definitions:

Behavioral Economics

A field of economics that studies the effects of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices, returns, and the allocation of resources.

Economic Behavior

The actions and decisions individuals, households, firms, and governments make regarding the allocation of resources and goods.

Psychology

The study of the mind and behavior, exploring various aspects of conscious and unconscious experience as well as thought and emotion.

Behavioral Economics

A field of study that analyzes how psychological, social, cognitive, and emotional factors affect the economic decisions of individuals and institutions and the consequences for market prices, returns, and the allocation of resources.