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:

Liabilities

Financial obligations or debts owed by a business or individual.

Natural Business Year

A fiscal year that ends when a business’s activities are at their lowest point in its annual cycle, typically determined by the nature of the business.

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting, which doesn't necessarily coincide with the calendar year.

Fiscal Year

A one-year period that companies and governments use for accounting purposes and preparation of financial statements, which may not align with the calendar year.