Use the Accompanying Graph to Answer the Following Questions

question 32

Essay

Use the accompanying graph to answer the following questions.
a. What is the equilibrium price and equilibrium quantity in this market?
b. Draw an increase in demand and explain what happens to the equilibrium price and equilibrium quantity.
c. This is a special type of supply curve that we call an inelastic supply curve. What special property does it have?

---

Definitions:

Mechanoreceptors

Sensory receptors responsible for sensing mechanical pressure or distortion, involved in detecting touch, pressure, and sound.

Chemoreceptors

Sensory receptors that respond to chemical stimuli, playing a key role in taste, smell, and monitoring internal chemical conditions.

Photoreceptors

Specialized cells found in the retina of the eye that are sensitive to light, converting light signals into neural signals for visual recognition.

Nociceptors

Pain receptors that are sensory neurons found throughout the body, responsible for detecting harmful stimuli and sending pain signals to the brain.