Use the table below to answer the following questions.
Table 3.5.3
Demand and supply schedules for designer sport t-shirts at CoolU
-Refer to Table 3.5.3.In a television interview,Joe Cool shows off his designer sport t-shirt,setting off a new craze that doubles business at the sportswear establishments.The quantity of t-shirts demanded doubles at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ t-shirts per month.
Definitions:
In-Group/Out-Group Bias
The tendency to favor members of one's own group over those in other groups, leading to preferential treatment and judgment.
Anger
An emotional state that may range from minor irritation to strong rage, often triggered by perceived wrongs or injustices.
Fundamental Attribution Error
A cognitive bias that involves overattributing others' behaviors to their personal characteristics while underestimating situational factors.
Extenuating Circumstances
Conditions or factors that lessen the severity or culpability in a situation or a criminal act.
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