Solved

Which of the Following Pairs of Equations Describes the Supply

Question 24

Multiple Choice

Which of the following pairs of equations describes the supply and demand curves given in the accompanying demand and supply tables?  Price  Quantity Supplied  Quantity Demanded $20040$251040$302040$353040$404040$455040\begin{array} { | c | c | c | } \hline \text { Price } & \text { Quantity Supplied } & \text { Quantity Demanded } \\\hline \$ 20 & 0 & 40 \\\hline \$ 25 & 10 & 40 \\\hline \$ 30 & 20 & 40 \\\hline \$ 35 & 30 & 40 \\\hline \$ 40 & 40 & 40 \\\hline \$ 45 & 50 & 40 \\\hline\end{array}


A) Qs = P - 40; Qd = 40P, respectively
B) Qs = P - 20; Qd = 40, respectively
C) Qs = 2P - 40; Qd = 40, respectively
D) cannot be determined

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions