The Demand for Pickles Is Given by P = 131

question 33

Multiple Choice

The demand for pickles is given by p = 131 - 2q and the supply is given by p = 5 + 7q. What is the equilibrium quantity?

• A) 11
• B) 14
• C) 19
• D) 103
• E) None of the above.

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Definitions:

Producers

Individuals or businesses involved in the creation of goods or services intended for distribution and sale.

Deadweight Loss

An economic inefficiency that happens when the balance between supply and demand for a good or service isn't met or can't be met.

Tax

A mandatory monetary fee or tax levied by the government on people or organizations to support government spending.

Per Unit Tax

A tax that is levied on a per unit basis, typically imposed on specific goods or services.