Using the Data in the Table Above, If the Price

question 128

Multiple Choice

$\begin{array} { c c c } \hline \begin{array} { c } \text { Price } \\\text { (dollars } \\\text { per stapler) }\end{array} & \begin{array} { c } \text { Quantity demanded } \\\text { (thousands of staplers } \\\text { per week) }\end{array} & \begin{array} { c } \text { Quantity supplied } \\\text { (thousands of staplers } \\\text { per week) }\end{array} \\\hline 8 & 10 & 90 \\7 & 40 & 80 \\6 & 70 & 70 \\5 & 100 & 60 \\\hline\end{array}$
Using the data in the table above, if the price of a stapler is $8, then there is a of staplers and the quantity of staplers demanded the quantity of staplers supplied.

• A)surplus; is greater than
• B)neither a surplus nor a shortage; equals
• C)surplus; is less than
• D)shortage; is greater than
• E)shortage; is less than

Calculate the effects of a per-unit tax on market equilibrium, including the size of the tax and its distribution between buyers and sellers.

Understand the impact of a binding minimum wage on a labor market using supply and demand diagrams.

Analyze the effect of price elasticity of demand and supply on the burden of a tax.

Calculate the tax burden on buyers and sellers in a market.

---

Definitions:

Social Change

Transformations in societal structures, processes, and patterns of behavior over time, often driven by cultural, economic, or technological shifts.

Action Plan

A detailed proposal for doing or achieving something, often outlining steps, timing, and resources needed to accomplish a specific goal.

Kurt Lewin

A pioneering psychologist known for his field theory in social science, emphasizing the interaction between an individual's internal state and external environment.

Community-Based Participatory Research

Community-Based Participatory Research is a collaborative research approach designed to ensure and establish participation by community members, researchers, and organizations in the process of addressing community-related issues.