Table 4-2 -Refer to Table 4-2

question 209

Multiple Choice

Table 4-2
$\begin{array}{|c|c|c|}\hline \text { Price }(\$) & \text { Quantity demanded } & \text { Quantity supplied } \\\hline 25 & 1 & 25 \\\hline 20 & 2 & 20 \\\hline 15 & 3 & 15 \\\hline 10 & 4 & 10 \\\hline 5 & 5 & 5 \\\hline\end{array}$
-Refer to Table 4-2.In the table shown, suppose the current price was $25.This would mean:

• A)a surplus of 1 unit would exist and price would tend to fall
• B)a shortage of 24 units would exist and price would tend to fall
• C)a surplus of 24 units would exist and price would tend to fall
• D)a shortage of 1 unit would exist and price would tend to rise

Comprehend the social construction of race and the arguments against its biological basis.

Understand the mechanisms and effects of internalized racism and discrimination within societal relationships.

Recognize the role of sociological theories and research in understanding racial prejudice, discrimination, and the fallacies associated with race.

Understand the concept of selective perception and its impact on social attitudes.

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Definitions:

Inelastic

Refers to a situation where the demand or supply of a good or service is relatively unresponsive to changes in price.

Price Effect

The impact on consumer demand and supply of goods caused by changes in the price of a product or service.

Quantity Effect

The impact on the total quantity bought or sold in a market as a result of changes in price.

Least Elastic

Refers to the good or service with the least sensitivity to changes in price, meaning the quantity demanded or supplied changes very little with price changes.