-In Table 3

question 5

Multiple Choice

-In Table 3.2, if the price is $5, a ____ of ____ units will occur.

• A) shortage; 8
• B) shortage; 6
• C) surplus; 8
• D) surplus; 6
• E) shortage; 19

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Definitions:

Production Concept

The philosophy of a business that concentrates more on the product that the business makes than on customer needs.

Time Series Analysis

A forecasting method that uses historical sales data to identify patterns over a period of time.

Historical Sales Data

Records of past sales performance, used to identify trends, forecast future sales, and make informed business decisions.

Marketing Research

The process of gathering, analyzing, and interpreting information to help businesses make informed marketing decisions.