The Difference Between a Change in Quantity Supplied and a Change

question 92

Multiple Choice

The difference between a change in quantity supplied and a change in supply is that a change in:

• A)​quantity supplied is caused by a change in a good's own, current price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
• B)​supply is caused by a change in a good's own, current price, while a change in the quantity supplied is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
• C)​quantity supplied is a change in the amount people want to sell, while a change in supply is a change in the amount they actually sell.
• D)​supply and a change in the quantity supplied are the same thing.

Apply the concept of a budget line to determine the possible consumption bundles given specific income and prices.

Understand different research designs in psychology and their applications.

Identify the ethical considerations in psychological research.

Describe the components and functions of single-subject and longitudinal research designs.

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Definitions:

Induced Consumption

The part of consumer spending that increases when disposable income rises and decreases when disposable income falls.

Disposable Income

The amount of money left for spending and saving after income taxes have been deducted.

Autonomous Consumption

The level of consumption that does not change with fluctuation in income; it is the consumption level when income is zero.

Consumption

The use of goods and services by households, representing one of the primary components of gross domestic product (GDP).