The inverse demand function for apples is defined by the equation p  214  5q, where q is the number of units sold.The inverse supply function is defined by p  7  4q.A tax of $36 is imposed on suppliers for each unit of apples that they sell.When the tax is imposed, the quantity of apples sold falls to

A) 23
B) 14
C) 17
D) 19
E) 21.

Inverse Supply

Displaying how supply levels adjust based on varying price points; this model inversely associates the supply quantity with its price.

Inverse Demand

A rephrased definition: It refers to the relationship that shows the price of a good as a function of the quantity demanded, essentially the inverse function of a demand curve.

Tax

A required economic dues or other form of assessment exacted from a taxpayer by government authorities meant to finance government activities and assorted public costs.