If the Quantity of a Good Exchanged Decreased

question 146

Multiple Choice

If the quantity of a good exchanged decreased,

• A)​It would also increase the price if it was caused by a shift in demand.
• B)​It would also increase the price if it was caused by a shift in supply.​
• C)​It would always decrease the price as well.
• D)​None of the above would be true.

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Definitions:

Mental Resources

Cognitive capacities and energy available to an individual for executing tasks, processing information, and making decisions.

Kahneman

Daniel Kahneman is a psychologist known for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the Nobel Prize in Economic Sciences.

Inattentional Blindness

The phenomenon where an individual fails to perceive an unexpected stimulus that is in plain sight, due to focusing attention on another task, event, or object.

Counting Task

A cognitive task requiring individuals to count objects, stimuli, or events, often used to assess attention, speed, and working memory.