Given a Linear Supply Function of the Form Q_X^S =

question 80

Multiple Choice

Given a linear supply function of the form Q_X^S = 3,000 + 3P_X − 2P_r − P_w,find the inverse linear supply function,assuming P_r = $1,000 and P_w = $100.

• A) Q_X^S = 900 + 3P_X
• B) P_X = 300 + 0.3333Q_X
• C) P_X = −300 + 0.3333Q_X
• D) P_X = 2,900 + 3P_X

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Definitions:

Terminated Project

A project that has been ended prior to its completion due to various reasons such as feasibility, costs, or changes in strategy.

Demand-Pull Inflation

Inflation that occurs when aggregate demand in an economy outweighs aggregate supply, leading to an increase in prices.

Cost-Push Inflation

It occurs when the overall prices in an economy increase due to rising costs of wages and raw materials.

Employment

A state of having a paid job or occupation, contributing to an economy's workforce.