Use the Following to Answer Questions: Table: Equilibrium Price, Quantity

question 177

Multiple Choice

Use the following to answer questions: Table: Equilibrium Price, Quantity $$\begin{array} { c c c } \hline \boldsymbol { P } & \boldsymbol { Q } _ { \mathbf { d } } & \boldsymbol { Q } _ { \mathbf { s } } \\\hline \$ 10 & 50 & 30 \\12 & 45 & 35 \\14 & 40 & 40 \\16 & 35 & 45 \\18 & 30 & 50 \\\hline\end{array}$$
-(Table: Equilibrium Price, Quantity) Refer to the table. If the demand curve for the product shifted to the right such that 10 more units of the good are demanded at every price, what is the new equilibrium price?

• A) $12
• B) $14
• C) $16
• D) $18

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Definitions:

Percent

A way of expressing a number as a fraction of 100, symbolized by the percent sign (%).

Costing Approach

A method or strategy used to evaluate the expenses involved in producing a product or service, impacting pricing and budgeting decisions.

Direct Costs

Expenses that can be directly attributed to the production of specific goods or services, such as materials and labor.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.