Use the Table Below to Answer the Following Questions

question 124

Multiple Choice

Use the table below to answer the following questions.
Table 3.5.1
The Market for Car-Seat Heaters

-Refer to Table 3.5.1. Suppose the cost of production rises, causing supply to decrease by 100 units at each price. The new equilibrium price is $________ and equilibrium quantity is ________ units.

• A)70; 450
• B)70; 350
• C)50; 450
• D)50; 350
• E)60; 400

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Definitions:

Performance Standards

Benchmarks or criteria established to measure the efficiency, productivity, or quality of an individual's or organization's work output.

Discrimination

The unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, sex, or disability.

Arbitrary

Decisions or actions not based on a system, principle, or rule and often appearing random or subject to individual will without restriction.

Future-Oriented

A perspective or approach that focuses on planning, forecasting, and preparing for upcoming changes, challenges, and opportunities.