Suppose Brad Pitt and Angelina Jolie Wear Matching Platinum Jewelry

question 213

Multiple Choice

Suppose Brad Pitt and Angelina Jolie wear matching platinum jewelry in their new movie. After the movie is released, suppose that consumers increase their demand for the jewelry and at the same time manufacturers increase the supply of the jewelry. As a result

• A) the equilibrium quantity will increase, and there is an indeterminate change in the equilibrium price.
• B) the equilibrium quantity and price are both indeterminate.
• C) the equilibrium quantity will decrease, and the equilibrium price will increase.
• D) the equilibrium price and quantity will both decrease.

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Definitions:

Thorndike

A psychologist known for his work on learning theory that led to the development of operant conditioning within behaviorism.

Puzzle Boxes

A method used in experiments, particularly with animals, to study learning and problem-solving by placing them in boxes from which they must escape by solving a puzzle or performing a specific action.

Thorndike

Edward Thorndike was an American psychologist known for his work on the law of effect and animal learning through trial and error.

Insight

The understanding or awareness of one's own mental or emotional processes, often leading to a sudden and profound understanding of a problem or situation.