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Suppose the Demand and Supply Curves for Shampoo Are Given

Question 10

Multiple Choice

Suppose the demand and supply curves for shampoo are given by
QD = 18 - 5P
QS = -3 + 2P
Where QD is the quantity of shampoo demanded (in thousands of bottles) , QS is the quantity supplied, and P is the price of shampoo (in dollars per bottle) . The equilibrium price in this market is ____ and the equilibrium quantity is ____.


A) $3; 3,000
B) $3; 900
C) $6; 6,000
D) $2; 8,000

Correct Answer:

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