If a Binding Price Ceiling Were Placed in the Market

question 111

Multiple Choice

If a binding price ceiling were placed in the market in the graph shown:

• A) quantity demanded would exceed quantity supplied.
• B) quantity supplied would exceed quantity demanded.
• C) the demand curve would have to shift.
• D) the supply curve would have to shift.

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Definitions:

Behavioral Contrast

A phenomenon observed in behavioral psychology where a change in conditions leads to an opposite change in the individual's response rate, evident in both positive and negative reinforcements.

Higher-order Conditioning

A form of classical conditioning in which a stimulus is first made meaningful or significant through its association with another conditioned stimulus rather than with an unconditioned stimulus.

Sensitization

An increased reaction to a stimulus following repeated exposure to it, often leading to heightened sensitivity to related stimuli.

Habituation

The process by which an organism reduces its response to a repeated stimulus over time.