This Problem Will Be Easier If You Have Done Problem

question 14

Multiple Choice

This problem will be easier if you have done Problem 3. The inverse demand function for grapefruit is defined by the equation p = 317 - 6q, where q is the number of units sold. The inverse supply function is defined by p = 5 + 6q. A tax of $48 is imposed on suppliers for each unit of grapefruit that they sell. When the tax is imposed, the quantity of grapefruit sold falls to

• A) 20.
• B) 18.
• C) 22.
• D) 26.
• E) 24.

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Definitions:

Lower Needs

Basic physiological and safety requirements in Maslow's hierarchy, essential for an individual's survival.

Humanistic Psychology

A psychological perspective that emphasizes the study of the whole person, and the uniqueness of each individual's experience, focusing on personal growth and the concept of self-actualization.

Abraham Maslow

An American psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.

Psychoanalytic

Pertains to the theory and therapeutic approach developed by Sigmund Freud, focusing on unconscious processes influencing behavior and personality.