Refer to the Above Table

question 134

Multiple Choice

$$\begin{array} { | c | c | c | } \hline \text { Quantity Demanded } & \text { Price } & \text { Quantity Supplied } \\\hline 5 & \$ 7 & 9 \\\hline 6 & 6 & 8 \\\hline 7 & 5 & 7 \\\hline 8 & 4 & 6 \\\hline 9 & 3 & 5 \\\hline 10 & 2 & 4 \\\hline 11 & 1 & 3 \\\hline\end{array}$$ Refer to the above table. If demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would the new equilibrium price and quantity be?

• A) $3 and 5 units
• B) $4 and 4 units
• C) $5 and 5 units
• D) $6 and 6 units

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Definitions:

Long-Run Time Periods

Extended durations during which all factors of production and costs are variable, allowing businesses to make adjustments to achieve optimal production levels.

HR Demand Requirement

The specific needs or requirements for human resources within an organization to meet its business objectives and strategic goals.

Cause-and-Effect Models

Analytical tools used to identify and understand the relationships between cause (independent variables) and effect (dependent variables).

HR Planning

The ongoing process of systematic forecasting both the future demand for and supply of employees to ensure the organization has the right number of workers with the necessary skills.