-Refer to Exhibit 3-8

question 62

Multiple Choice

-Refer to Exhibit 3-8.Equilibrium price and quantity are ____________________,respectively.

• A) $3 and 25 units
• B) $3 and 15 units
• C) $5 and 15 units
• D) $5 and 25 units
• E) $1 and 25 units

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Definitions:

Organization

A structured group of people who come together to achieve common goals, often through a division of tasks, responsibilities, and hierarchical structure.

Reduce Expenses

Implementing strategies and actions aimed at cutting down costs and spending less money in personal or business operations.

Headcount

The total number of individuals working for a company, either as full-time employees or in positions equivalent to full-time employment.

Hiring Freeze

A temporary policy to cease or significantly slow down the recruitment of new employees, typically implemented to reduce costs.