Given the supply function qS = 12p – 200 and its inverse function p = 1/12 qS + 50/3, p in theinverse function which is interpreted as the minimum price that sellers are willing to accept for the quantity qS is called

Question:

Given the supply function qS = 12p – 200 and its inverse function p = 1/12 qS + 50/3, p in theinverse 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

Note: The above multiple-choice question is for all general and Competitive Exams in India