The Inverse Demand Function for Cases of Whiskey Defined by P

question 5

Multiple Choice

The inverse demand function for cases of whiskey defined by p = 160 - 6q, and the inverse supply function is defined by p = 61 + 3q.Originally there was no tax on whiskey.Then the government began to tax suppliers of whiskey $27 for every case they sold.How much did the price paid by consumers rise when the new equilibrium was reached?

• A)It rose by $27.
• B)It rose by $29.
• C)It rose by $18.
• D)It rose by $16.
• E)None of the above.

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Definitions:

Sales Call

A communication or visit made by a salesperson or representative to a potential buyer for the purpose of promoting, selling products, or services.

Professional Presence

The projection of confidence, competency, and credibility in workplace behavior and appearance.

Apparel

Clothing, considered collectively, especially as items worn on the body.

Professional Presence

The projection of confidence, competence, and credibility in a business or professional setting.