Use the Table Below to Answer the Following Questions

question 20

Multiple Choice

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.A new store opens up on the edge of campus,Great Wild North Sportswear,which has the capacity to do as much business as all the existing businesses.The quantity of t-shirts supplied doubles at each price.In addition,in a television interview,Joe Cool shows off his designer sport t-shirt,setting off a new craze that doubles business at the local 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.

• A)8;400
• B)8;200
• C)3;400
• D)12;240
• E)16;400

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Definitions:

Society's Welfare

Refers to the overall well-being and quality of life of the people in a community, including factors like health, economic stability, and social relationships.

Marginal Social Benefit

the additional benefit to society as a whole from consuming one more unit of a good or service.

Marginal Social Cost

The additional cost imposed on society as a whole by producing one more unit of a good or service.

Marginal Benefit Curve

A visual chart illustrating the variation in consumer advantage as the amount of a product or service rises.