The Quantity Q of Grapefruits Demanded at Price P Is

question 47

Multiple Choice

The quantity q of grapefruits demanded at price p is given by q = 30 - 3p and the supply schedule by q = 6p.The government imposes a quantity tax at some rate t, which it collects from buyers.What is the smallest tax rate that will result in no grapefruits being bought or sold?

• A)10%
• B)3.33%
• C)3.67%
• D)11.50%
• E)13%

---

Definitions:

Selection Bias

occurs when the sample is not representative of the population being studied, potentially leading to distorted conclusions.

Skin Cancer

Skin cancer is a form of cancer that originates in the cells of the skin, often due to overexposure to ultraviolet radiation from the sun or tanning devices, leading to abnormal cell growth.

Country Club Members

Individuals who have been granted membership to a country club, often involving various privileges such as access to golf courses, social events, and other amenities.

Selection Bias

A statistical bias that occurs when the sample is not representative of the population being studied, potentially leading to inaccurate conclusions.