Solved

The Following Equations Represent the Demand and Supply for Bottles

Question 224

Multiple Choice

The following equations represent the demand and supply for bottles of nail polish. QD = 25 - P
QS = -15 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bottles of nail polish?


A) P = $5;Q = 20 thousand
B) P = $15;Q = 30 thousand
C) P = $20;Q = 5 thousand
D) P = $10;Q = 15 thousand

Correct Answer:

verifed

Verified

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

Related Questions

Q26: Table 4-7<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7397/.jpg" alt="Table 4-7

Q96: The total amount of producer surplus in

Q111: Figure 4-4 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7397/.jpg" alt="Figure 4-4

Q112: In cities with rent controls,the actual rents

Q140: In order to be binding, a price

Q173: Economic efficiency is a market outcome in

Q220: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3018/.jpg" alt=" Figure 4-8 shows

Q221: Figure 4-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3018/.jpg" alt="Figure 4-2

Q226: In Singapore the government places a $5,000

Q229: Article Summary<br>Among a package of anti-smoking bills