Let Demand Be Given by P = 10 - Q;

question 19

Multiple Choice

Let demand be given by P = 10 - Q; let supply be given by P = Q. What is the equilibrium price?

• A)10
• B)5
• C)2
• D)0

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Definitions:

Strict Liability

A principle that holds parties accountable for damages irrespective of preventive measures or caution exercised.

Contributory Negligence

A legal principle where if a party can be shown to have contributed to their own injury or loss, they may be barred from recovering damages.

Smoke Alarms

Devices designed to detect smoke and emit an alarm, providing early warning of fire.

Negligence Action

A legal claim brought against someone who fails to act with the level of care that someone of ordinary prudence would have exercised under the same circumstances, resulting in harm or damage.