Use the table below to answer the following questions.
Table 3.5.1
The Market for Car-Seat Heaters
-Refer to Table 3.5.1.Suppose a problem develops with car-seat heaters - they malfunction and occasionally cause serious burns.As a result,demand decreases by 100 heaters at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ heaters per month.
Definitions:
Cumulative Voting
A procedure for voting for a corporation’s directors that permits a shareholder to multiply the number of shares he or she owns by the number of directors to be elected and to cast the resulting total of votes for one or more directors. See also straight voting.
Dodd-Frank Wall Street Reform And Consumer Protection Act
A comprehensive piece of financial reform legislation passed in 2010 aimed at reducing risks in the American financial system, with a focus on consumer protection.
Inherent Authority
The power or authority possessed by an official body or official inherently through their position or role, not through external sources or assignments.
Proxy
A person who is authorized to vote the shares of another person. Also, the written authorization empowering a person to vote the shares of another person.
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