(Table: Equilibrium Price, Quantity) Refer to the Table

question 12

Multiple Choice

(Table: Equilibrium Price, Quantity) Refer to the table. If thesupply curve for the product shifted to the right such that 20more units of the good are supplied at every price, what is thenew equilibrium price?

• A)$10
• B)$12
• C)$14
• D)$16

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Definitions:

Average-Variable-Cost

The total variable cost divided by the quantity of output produced.

Marginal Costs

The investment required to manufacture an incremental unit of a product or service.

Variable Costs

Costs that change in proportion to the level of activity or production volume.

Fixed Costs

Costs that do not change with the level of output produced by the firm, such as rent, salaries, or loan repayments.