Use the accompanying graph to answer the following questions.
a. What is the equilibrium price and equilibrium quantity in this market?
b. Draw an increase in demand and explain what happens to the equilibrium price and equilibrium quantity.
c. This is a special type of supply curve that we call an inelastic supply curve.What special property does it have?
Definitions:
Canadian Society
The social structure, culture, and norms observed within Canada, influenced by its history, geography, and diverse population.
Gender Gap
The differences in opinions, behaviors, or attitudes between men and women, often observed in voting patterns, educational achievement, and employment.
Earnings
The amount of money that an individual receives in exchange for their labor or investment, typically reported on an annual basis.
Sexual Assault
Any unwanted sexual act or activity committed by one person against another without consent.
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