Use the table below to answer the following questions.
Table 3.5.3
Demand and supply schedules for designer sport t-shirts at CoolU
-Refer to Table 3.5.3.In a television interview,Joe Cool shows off his designer sport t-shirt,setting off a new craze that doubles business at the sportswear establishments.The quantity of t-shirts demanded doubles at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ t-shirts per month.
Definitions:
Corrective Taxes
Taxes designed to influence market outcomes by correcting for the effects of externalities, encouraging or discouraging certain behaviors.
Regulations
Rules or directives made and maintained by an authority to regulate behavior, often in professional settings, industries, or governmental areas.
Optimal Level
The most efficient, effective, or desirable point or degree for a specific outcome.
Pollution
The contamination of natural environments by harmful substances or activities.
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