-The Table Shows the Demand and Supply Schedules for Jeans

question 212

Multiple Choice

$$\begin{array} { | l | l | l | } \hline \begin{array} { l } \text { Price } \\\text { (dollars per } \\\text { pair) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { demanded } \\\text { (pairs per } \\\text { week) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { supplied } \\\text { (pairs per } \\\text { week) }\end{array} \\\hline 30 & 130 & 70 \\\hline 40 & 120 & 80 \\\hline 50 & 110 & 90 \\\hline 60 & 100 & 100 \\\hline 70 & 90 & 110 \\\hline 80 & 80 & 120 \\\hline 90 & 70 & 130 \\\hline\end{array}$$
-The table shows the demand and supply schedules for jeans.

• A) At $40 a pair, there is a shortage of jeans and the price will fall.
• B) At $60 a pair, there is a shortage of jeans and the price will fall.
• C) At $40 a pair, there is a shortage of jeans and the price will rise.
• D) At $60 a pair, there is a surplus of jeans and the price will rise.

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Definitions:

Open Systems

A system is open or closed to the degree that it can exchange information and energy with its environment. A more open system can adapt to environmental changes.

Closed Systems

A system is open or closed to the degree that it can exchange information and energy with its environment. A closed system cannot adapt to environmental changes and is more likely to move toward entropy.

Levels

Different stages or degrees in a hierarchy or process.

Dynamic Function

The ability or process within a system or entity to change or evolve over time in response to external and internal conditions.