Multiple Choice
Use the following general linear demand relation to answer questions : 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
Q9: The following events occur simultaneously:<br>(i) The
Q10: <br>Demand: <span class="ql-formula" data-value="Q
Q11: A "puppy boom" and an increase in
Q12: <br>Demand: <span class="ql-formula" data-value="Q
Q13: With a given supply curve, a decrease
Q15: Use the following demand and supply
Q16: The general linear demand function below
Q17: If the price of a complement decreases,
Q18: <span class="ql-formula" data-value="Q
Q19: If the market price of eggs rises