Suppose That Initially, the Equations for Demand and Supply Are

question 41

Multiple Choice

Suppose that initially, the equations for demand and supply are Qd = 48 - 4P and Qs = 4P - 16, respectively.If the quantity supplied increases by 4 at every price (so that the supply curve shifts to the right) , the equilibrium price will change from:

• A)$8 to $7.50.
• B)$8 to$12.2.2.2.
• C)$12 to$8.
• D)$7.50 to$8.

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Definitions:

Punitive Damages

Compensation awarded to a plaintiff beyond actual damages, intended to punish the defendant for particularly harmful actions and deter similar future conduct.

Misrepresents

The act of providing false, misleading, or incorrect information about a material fact, intentionally or otherwise.

Tort of Deceit

A legal claim arising from intentionally misleading or deceiving another, causing harm or loss.

Quasi-contractual

A legal concept where a court enforces an obligation on parties as if they had entered into a contract, to prevent unjust enrichment.