The Inverse Demand for a Good Is Given by P

question 24

True/False

The inverse demand for a good is given by p = 60 - 2q.Suppose that the number of consumers doubles.(For each consumer in the market another consumer with an identical demand function appears.)The demand curve shifts to the right, doubling demand at every price, while the slope of the demand curve stays unchanged.

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Definitions:

Utilitarianism

A personal moral philosophy that focuses on “the greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior.

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Corruption

The abuse of entrusted power for private gain, which can occur in both the public and private sectors.

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