-Refer to the Above Information to Answer This Question

question 8

Multiple Choice

-Refer to the above information to answer this question.If supply increases by 40 units,what will be the new values of equilibrium price and quantity?

• A)$40 and 140.
• B)$45 and 120.
• C)$50 and 140.
• D)$60 and 120.
• E)$60 and 140.

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Definitions:

Anchoring Phenomenon

A concept in psychology where initial exposure to a number or value serves as a reference point and influences subsequent judgments.

Subsequent Estimates

Revisions or new calculations made after initial estimates, often based on additional data or changes in a project or situation.

Sunk Cost Effect

A bias in decision making in which already “spent” costs unduly influence decisions on whether to continue.

Math Quiz

A test or examination designed to assess an individual's mathematical knowledge and skills.