The Demand Curve for a Good Is Given by P

question 47

Multiple Choice

The demand curve for a good is given by p = 160 - 6q, where p is the price and q is the quantity of the good.Suppose that the number of consumers in the economy doubles; a "clone" of each consumer, who has exactly the same demand curve as the original consumer, appears.The demand curve for the doubled economy is described by

• A)p = 320 - 6q.
• B)p = 320 - 12q.
• C)p = 160 - 12q.
• D)p = 160 - 3q.
• E)p = 80- 3q.

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Definitions:

Progressive Tax

A tax system in which the tax rate increases as the taxable amount increases, meaning higher income earners pay a higher rate of tax.

Environmental Emissions

Pollutants released into the air, water, or soil as a result of industrial processes, transportation, or other activities.

Cap-And-Trade

An environmental policy tool that sets a limit on emissions and allows companies to buy and sell allowances for a certain amount of pollution, incentivizing reductions.

Tradeable Emission Allowances

A system where companies can buy or sell allowances that permit them to emit a certain amount of greenhouse gases.