Table 3-D
Use the Following Information About Demand and Supply

question 246

Multiple Choice

Table 3-D
Use the following information about demand and supply schedules to answer the question.
$$\begin{array} { l c c c } \text { Price } & \mathbf { D } _ { 1 } & \mathbf { D } _ { \mathbf { 2 } } & \boldsymbol { I } _ { \mathbf { 1 } } \\\$ 12 & 5 & 9 & 19 \\\$ 10 & 8 & 12 & 17 \\\$ 8 & 11 & 15 & 15 \\\$ 6 & 13 & 18 & 13 \\\$ 4 & 16 & 21 & 11 \\\$ 2 & 18 & 24 & 9\end{array}$$
-Refer to Table 3-D.Suppose that D₁ and S₁ are the prevailing demand and supply curves for a product.If the demand schedule changes from D₁ to D₂, then:

• A)equilibrium price decreases from $6 to $4.
• B)equilibrium quantity decreases from 15 to 13.
• C)equilibrium quantity increases from 13 to 18.
• D)equilibrium price increases from $6 to $8.
• E)equilibrium quantity remains at 13.

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Definitions:

Gainsharing

A performance-based compensation program where the savings or gains from increased productivity are shared with employees.

Standard Error

A measure of the precision of a sample's mean estimate of a population mean.

Confidence Interval

A variety of values, sourced from sampling data, predicted to hold the value of an undetermined population attribute.