Question: 7. Scenario: Starting from long-run equilibrium, graphically illustrate and explain what happens to RGDP, the average price level, and unemployment if consumer confidence decreases. Question:

7. Scenario: Starting from long-run equilibrium, graphically illustrate and explain what happens to RGDP, the average price level, and unemployment if consumer confidence decreases. Question: A decrease in consumer confidence will tend to reduce RGDP and unemployment. True False

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2. Information that comes most readily to mind (availability).

3. An initial value (anchoring).

4. Similarity (representativeness).