Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
please help! this is all the information I have. Q1 1 Point Inverse demand and supply are defined by P = 10 - Q and
please help! this is all the information I have.
Q1 1 Point Inverse demand and supply are defined by P = 10 - Q and P = 3Q, respectively. In a market equilibrium without government intervention, consumer surplus is equal to O A. 1/6. O B. 25/8. O C. 21. O D. 30. O E. None of the above.02 1 Point Consider the market for good X. In the market equilibrium without government intervention, a decrease in the number of sellers leads to O A. an increase in price and quantity. 0 B. an increase in price, but a decrease in quantity. 0 C. an increase in quantity, but a decrease in price. 0 D. a decrease in price and quantity. 0 E. an ambiguous effect on price and quantity. Q3 1 Point Inverse demand and supply are defined by P = 10 262\"! and P = 3623. Suppose that the government imposes a per-unit sales tax of $1, i.e., t=1. In a market equilibrium with government intervention, quantity Q** is O A. greater than 2 units. 0 B. equal to 2 units. 0 C. less than 2 units. 0 D. either less or greater than 2 units. 0 E. None of the aboveStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started