Let D = Demand, S = Supply, P = Equilibrium

question 50

Multiple Choice

Let D = demand, S = supply, P = equilibrium price, Q = equilibrium quantity. If the government taxes the activity of logging tropical forests, what happens in the market for tropical hardwood?

• A)D decreases, S no change, P and Q decrease.
• B)D no change, S decreases, P increases, Q decreases.
• C)D and S decrease, P and Q increase.
• D)D no change, S decreases, P increases, Q increases.

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Definitions:

Triangle

In psychology, this can refer to triangular theory of love, which defines love in terms of three components: intimacy, passion, and commitment. In geometry, it is a three-sided polygon.

Enmeshed

A term used in psychology to describe relationships where personal boundaries are diffused, leading to an over-concern for others and a lack of autonomy.

Homeostatic

Referring to the process of maintaining internal stability and balance within an organism or system in response to external changes.

Exploiting

Taking unfair advantage of a situation or person, often for personal gain and without consideration for ethical implications.