Use the Figure Below to Answer the Following Questions

question 50

Multiple Choice

Use the figure below to answer the following questions. Figure 3.5.2
Original equilibrium at 1.
-Refer to Figure 3.5.2,which represents the market for tacos.A new scientific study reveals that tacos cause bad breath.Simultaneously,the cost of producing tacos increases.What is the new equilibrium,ceteris paribus?

• A)2
• B)3
• C)9
• D)4

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Definitions:

Scientific thinking

Involves using systematic, evidence-based methods and critical analysis to solve problems and make decisions.

Rules of thumb

General principles that provide practical instructions or guidance, based on experience rather than theory, for making decisions or solving problems.

Simplifying strategies

Approaches or methods aimed at reducing complexity and making tasks or processes easier to understand and manage.

Heuristics

Mental shortcuts or rules of thumb that simplify decision-making processes, often used when facing complex problems or incomplete information.