Use the Figure Below to Answer the Following Questions

question 23

Multiple Choice

Use the figure below to answer the following questions. Figure 3.5.2
Original equilibrium at 1.
-Refer to Figure 3.5.2,which represents the market for beans.If the price of peas,a substitute for beans and a substitute in production,rises,what is the new beans equilibrium,ceteris paribus?

• A)2
• B)3
• C)9
• D)4

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Definitions:

Bureaucratic Approach

A method of organization emphasizing a structured hierarchy, strict rules, and a clear division of responsibilities to achieve efficiency.

Scientific Approach

A methodical process used for investigating phenomena, acquiring new knowledge, or correcting and integrating previous knowledge, based on empirical or measurable evidence.

Theory X

A management theory assuming employees are inherently lazy and will avoid work if they can, necessitating control and coercion by managers.

Theory Y

A management concept suggesting that employees are inherently motivated to work and will show high levels of creativity and responsibility if given the chance.