The Following Table Shows the Market Demand Schedule and Supply

question 153

Multiple Choice

The following table shows the market demand schedule and supply schedule for notebooks.

-Refer to the table above.What is the shortage in the market when the price of a notebook is $3?

• A) 4 units
• B) 10 units
• C) 16 units
• D) 20 units

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Definitions:

Heuristics

Simple, efficient rules, learned or hard-wired by evolutionary processes, that help in making decisions, forming judgments, or solving problems.

Structural

Pertaining to the physical or logical arrangement of a system's parts.

Preoperational Stage

The second stage in Piaget's theory of cognitive development, typically occurring between ages 2 and 7, characterized by the development of language and the ability to think symbolically, yet struggling with logic or understanding the viewpoint of others.

18 Months

A reference to a specific age or time period, often significant in developmental psychology for milestones in infants.