Exhibit 3-5 -Refer to Exhibit 3-5

question 146

Essay

Exhibit 3-5
$\begin{array}{|c|c|c}\hline \begin{array}{c}\text { Price per } \\\text { Barrel }\end{array} & \begin{array}{c}\text { Quantity } \\\text { Demanded }\end{array} & \begin{array}{c}\text { Quantity } \\\text { Supplied }\end{array} \\\hline \$ 50 & 725 & 900 \\\hline \$ 49 & 745 & 885 \\\hline \$ 48 & 775 & 840 \\\hline \$ 47 & 800 & 800 \\\hline \$ 46 & 830 & 750 \\\hline\end{array}$

-Refer to Exhibit 3-5. Suppose that a war in the Middle East causes the quantity supplied of oil to fall by 140 million barrels per day at every price.
(A) Chart the new supply schedule.
(B) What is the new equilibriun price and new equilibriun quentity?
(C) Given this shift in supply, is there a shortege or suplus at the old equilibriun price? Exglanin the mechanism that adyusts the market to the mew equilibrium.

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Definitions:

Contingency Management

A behavioral therapy approach that rewards individuals for demonstrating desired behaviors or achieving specific goals.

Nondepressive Activities

Activities undertaken to promote psychological well-being or alleviate symptoms of depression, focusing on lifting mood and increasing engagement with life.

Providing Sympathy

The act of showing understanding and compassion towards another person’s suffering or hardships.

Irrational Thoughts

Thoughts that are not based on reason or logic, and often stem from misconceptions, fears, or misunderstandings.