In the Figure Above,if Price DECREASES from $60 to $40,an

question 62

Multiple Choice

In the figure above,if price DECREASES from $60 to $40,an arrow representing the QUANTITY effect

• A)will point downward.
• B)will be shorter than and in opposite direction of)the arrow representing the price effect.
• C)will be shorter than and in same direction of)the arrow representing the price effect.
• D)will point in the direction in which total revenue will move.
• E)both a and d

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Definitions:

Milgram

Refers to Stanley Milgram, an American social psychologist known for his controversial experiment on obedience to authority figures, conducted in the 1960s.

Obedience

The act of following orders or instructions from authority figures, often studied in social psychology.

Group Pressure

The influence exerted by a group on its members to conform to the group's norms and expectations.

Conformity

Adapting one's behaviors, beliefs, and attitudes to conform to the standards, policies, or expectations set by a group or the wider society.