Market demand is given by P = 75 - 2Q and market supply is given by P = 3Q. At the equilibrium price and quantity, the point price elasticity of demand is...

a.-1.5

b.-3

c.-2

d.-2/3

For a small, open economy, introducing a tariff benefits...

a.Foreign consumers.

b.Domestic consumers.

c.Foreign producers.

d.Domestic producers.

If supply is given by P = 10 + 2Q and the market price is 50, then producer surplus is...

a.$100

b.$800

c.$200

d.$400