If P = Q/15 represents market supply for a competitive industry and market demand is given by Qd = 500 - 10P, the equilibrium price is:

Data show that the poorest U.S. demographic group is

a. the elderly because Social Security payments have not kept pace with inflation b. the elderly because they have no steady income c. the elderly because poverty increases with age d. households headed by someone under 18 years of age e. households headed by someone between 40 and 50 years old

An economist builds a model by beginning with certain self-evident principles and then derives the implications of that model. What approach is this economist taking?

A. Deductive B. Experimental C. Apophatic D. Inductive