Suppose Demand Is Given By $Q ^ { d } = 1,000 - 25 P$

question 12

Multiple Choice

Suppose demand is given by $Q ^ { d } = 1,000 - 25 P$ and supply is given by $Q ^ { s } = 75 P$ . At the equilibrium price and quantity, the price elasticity of demand is

• A) \(- 3\)
• B) \(- 25\)
• C) \(- 1 / 3\)
• D) \(- 10\)

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Definitions:

Underground Railroad

A network of secret routes and safe houses established in the United States during the early to mid-19th century, used by African American slaves to escape into free states and Canada.

1848 Election

A U.S. presidential election where Whig party candidate Zachary Taylor defeated Democratic candidate Lewis Cass, amidst the backdrop of discussions about slavery's extension into new territories.

Tariff Rates

Taxes imposed by a government on goods and services imported or sometimes exported, affecting the price and availability of those items.

Slavery

An arrangement where people are possessed by others, stripped of their autonomy, and coerced into working or providing services without any form of payment.