Refer to the Information Provided in Table 3 -Refer to Table 3

question 160

Multiple Choice

Refer to the information provided in Table 3.2 below to answer the question(s) that follow.
Table 3.2
$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Price per } \\\text { Cheeseburger }\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { (Cheeseburgers per } \\\text { Month) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Cheeseburgers per } \\\text { Month) }\end{array} \\\hline \$ 5 & 1,500 & 500 \\\hline 6 & 1,200 & 700 \\\hline 7 & 900 & 900 \\\hline 8 & 600 & 1,100 \\\hline 9 & 300 & 1,300 \\\hline\end{array}$$
-Refer to Table 3.2. If the price per cheeseburger is $7, the price will

• A) remain constant because the market is in equilibrium.
• B) increase because there is an excess demand in the market.
• C) increase because there is an excess supply in the market.
• D) decrease because there is an excess supply in the market.

Understand the concept of discretionary income and its calculation.

Recognize the impact of economic behaviors and conditions on discretionary income.

Identify spending habits and how they are influenced by changes in income and economic conditions.

Describe the factors that contribute to changes in consumer spending and saving.

---

Definitions:

Significance Level

The threshold below which a p-value is considered statistically significant, often set at 0.05 or 5%.

CBC News

A division of the Canadian Broadcasting Corporation responsible for the news broadcasting.

Perfect Attendance

The achievement of being present at every required instance over a set period of time, often used in educational and work contexts.

Incentive Program

A strategy used by organizations to motivate and reward employees to exceed standard expectations.