Suppose Supply Is Fixed at 35 Units

question 66

Multiple Choice

Suppose supply is fixed at 35 units.

-Refer to Figure 3.14 to answer this question.If this market is originally in equilibrium and demand increases by 20,what will be the new equilibrium price and quantity?

• A)$3 and 45 units.
• B)$5 and 35 units.
• C)$5 and 45 units.
• D)$7 and 35 units.

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how much the values deviate from the mean.

Range

The difference between the highest and lowest values in a set of numbers, indicating the spread or dispersion of the dataset.

Empirical Rule

The empirical rule, also known as the 68-95-99.7 rule, states that for a normal distribution, approximately 68% of the data falls within one standard deviation of the mean, 95% within two, and 99.7% within three.

Normal Curve

A symmetrical, bell-shaped curve that represents the distribution of values, deviations, or probabilities for a set of data in which most measurements cluster around the mean.