The Inverse Demand Function for Apples Is Defined by the Equation

question 31

Multiple Choice

The inverse demand function for apples is defined by the equation p = 214 - 5q, where q is the number of units sold.The inverse supply function is defined by p = 7 + 4q.A tax of $36 is imposed on suppliers for each unit of apples that they sell.When the tax is imposed, the quantity of apples sold falls to

• A)23
• B)14
• C)17
• D)19
• E)21.

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