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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Definitions:

Endorphins

Naturally occurring chemicals in the body that not only alleviate pain but also enhance sensations of joy.

Opiate

A category of drugs derived from the opium poppy (or synthetic analogs) that primarily act as central nervous system depressants and are used for pain relief.

Amphetamines

Drugs (such as methamphetamine) that stimulate neural activity, causing accelerated body functions and associated energy and mood changes.

Barbiturates

A class of drugs that act as central nervous system depressants, historically used for sedation, anesthesia, and to treat conditions such as anxiety and insomnia.