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Q. |
Given the supply function qS = 12p – 200 and its inverse function p = 1/12 qS + 50/3, p in the inverse function which is interpreted as the minimum price that sellers are willing to accept for the quantity qS is called |
A. | supply price |
B. | demand price |
C. | equilibrium price |
D. | reserved price |
Answer» A. supply price |
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