Suppose Demand for a Good Is Q_D= 100 - P

question 25

Multiple Choice

Suppose demand for a good is Q_D= 100 - P and supply is Q_S = -20 + P.What is the value consumers place on the amount of the good they consume?

• A)60
• B)2400
• C)2800
• D)3200

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Definitions:

Obligation

A duty or commitment that one is bound to by law, promise, or moral responsibility.

Induced Behavior

Behavior that is influenced or triggered by external factors such as social pressure, environmental cues, or specific situations.

Value System

A coherent set of beliefs and values that guide the behavior of an individual or group.

Internalization

The process by which individuals incorporate and adopt the values, beliefs, and norms of a group or society as their own.