Multiple Choice
Suppose demand is given by Qd = 400 - 15P + I, where Qd is quantity demanded, P is price and I is income. Supply is given by Qs = 5P, where Qs is quantity supplied. When I = 100, equilibrium price is
A) 15
B) 20
C) 25
D) 30
Correct Answer:
Verified
Correct Answer:
Verified
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