-Figure 4-1 Shows the Supply and Demand for Socks

question 33

Multiple Choice

$$\begin{array} { | c c c | } \hline { \text { Fimure 4-1 } } \\\hline \text { Price } & \begin{array} { r } \text { Quartity } \\\text { Per Pair }\end{array} & \begin{array} { c } \text { Quartity } \\\text { Derpplied }\end{array} \\\hline \$ 2 & 18 & 3 \\\$ 4 & 14 & 4 \\\$ 6 & 10 & 5 \\\$ 8 & 6 & 6 \\\$ 10 & 2 & 8 \\\hline\end{array}$$
-Figure 4-1 shows the supply and demand for socks.If a price ceiling of $10 per pair is imposed by the government,the number of pairs actually purchased will be

• A) 2 pairs
• B) 8 pairs
• C) 5 pairs
• D) 1 pair
• E) 6 pairs

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Definitions:

Present Value

The current worth of a future sum of money or stream of cash flows, given a specified rate of return.

Interest Rates

The cost of borrowing money, typically expressed as a percentage of the total amount loaned, paid to the lender over a specific period of time.

Capacity Alternatives

Options or strategies an organization can employ to adjust its capacity to meet changing demand.

Market Acceptance

The degree to which a new product, service, or idea is embraced and adopted by the target market or customers.