Use the table below to answer the following questions.
-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:
Priority
The order in which rights, obligations, or claims are ranked or considered, often in a legal context.
Default
Failure to fulfill a duty or obligation, typically in the context of financial agreements such as failing to make loan payments.
Obtaining Control
The act of gaining the power or authority to manage or direct something or someone.
Collateral
Assets pledged by a borrower to secure a loan or credit, which the lender may seize if the borrower fails to repay the loan.
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