Answer the Following Questions Using the Information Below:
LeBlanc Lighting

question 114

Multiple Choice

Answer the following questions using the information below:
LeBlanc Lighting manufactures table lamps and is considering raising the price by $15 a unit for the coming year.With a $15 price increase,demand is expected to fall by 2500 units.
$$\begin{array} { l r r } & \text { Current } & \text { Projected } \\ \text { Demand }& 20000 \text { urits } & 17500 \text { urits } \\\text { Selling price }& \$ 150 & \$ 165 \\\text { Variable costs per unit } & \$ 100 & \$ 100\end{array}$$

-The demand for this product is:

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Definitions:

Milgram Experiment

A landmark psychological study on obedience, demonstrating that people are willing to obey authority figures even when asked to perform actions conflicting with their personal conscience.

Dependent Variable

Variable in an experiment that represents the measurable response or behavior of the subjects in the experiment.

Intensity of Shock

In experimental contexts, this refers to the strength or level of an electric shock administered, often used in research studying learning and behavior.

Group Conformity

The tendency of individuals to adjust their attitudes, opinions, or behaviors to align with the norms of a particular group or society.