Multiple Choice
Use the following general linear demand relation: where M is income and is the price of a related good,R.If M = $15,000 and = $20 and the supply function is ,equilibrium price and quantity are,respectively,
A) P = $55 and Q = 195.
B) P = $6 and Q = 38.
C) P = $12 and Q = 200.
D) P = $50 and Q = 170.
E) P = $40 and Q = 250.
Correct Answer:

Verified
Correct Answer:
Verified
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