The Inverse Demand Function for Cases of Whiskey Defined by P

question 3

Multiple Choice

The inverse demand function for cases of whiskey defined by p = 186 - 6q, and the inverse supply function is defined by p = 90 + 2q.Originally there was no tax on whiskey.Then the government began to tax suppliers of whiskey $32 for every case they sold.How much did the price paid by consumers rise when the new equilibrium was reached?

• A)It rose by $32.
• B)It rose by $24.
• C)It rose by $22.
• D)It rose by $34.
• E)None of the above.

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