Choose the One Alternative That Best Completes the Statement or Answers

question 181

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-For over 20 years, the population of Tressel, Ohio has been increasing linearly according tothe function $P ( t ) = 225 t + 7,000$ where P is the number of residents, and t is years after 1980. Compute P(0) and interpret its
Meaning in the context of this problem.

• A) P(0) = 7,000; This was the population of the town in 1980.
• B) P(0) = 7,000; This was the population of the town in 1981.
• C) P(0) = 7,225; This was the population of the town in 1981.
• D) P(0) = 7,225; This was the population of the town in 1980.

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Definitions:

Labor Supplied

The aggregate amount of hours that employees are prepared and capable of working for a specified rate of pay.

Binding Price Floor

A minimum price set by the government or body above the equilibrium price, leading to excess supply if the market cannot legally adjust to its equilibrium.

Sellers

Market participants involved in providing goods or services for purchase, playing a key role in the supply side of the economy.

Equilibrium Price

The market price at which the quantity demanded equals the quantity supplied, leading to a stable market condition.