Suppose That Demand and Supply in the Market for Brazil

question 23

Multiple Choice

Suppose that demand and supply in the market for brazil nuts is linear,with a historic market price of $.50 per pound and 10 million pounds sold.In 2004,a news item raised health fears about the nuts.That year,the market price fell to $.45 per pound and only 8 million pounds traded.An estimate for the equation of brazil nuts would be:

• A) This information only relates to demand, and so cannot be used to generate a supply equation.
• B) Q^s = 30 + 40P
• C) Q^s = 40P
• D) Q^s = -10+40P

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Definitions:

Grossly Negligent

Refers to a severe lack of care or action that significantly breaches the duty of care owed to another, resulting in substantial harm or risk.

Financial Irregularities

Unusual or improper financial transactions that may indicate mismanagement, fraud, or violations of regulations.

Contradictory Evidence

Information or data that directly opposes or disputes the claims or findings presented in a specific context.

Reliance

The act of depending on or trusting in something or someone for support or maintenance.