(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. Refer to the given information. The equilibrium quantity
is:
A. 10.
B. 20.
C. 15.
D. 30.
Answer: B
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Which of the following sequences accurately describes the evolution of the payments system?
A) barter, coins made of precious metals, paper currency, checks, electronic funds transfers B) barter, coins made of precious metals, checks, paper currency, electronic funds transfers C) barter, checks, paper currency, coins made of precious metals, electronic funds transfers D) barter, checks, paper currency, electronic funds transfers
Empirical evidence suggests that the United States ran close to a balanced budget during the World War II
a. True b. False Indicate whether the statement is true or false
Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. Which of the following statements is true?
A. Tom experiences an economic loss of $6000. B. Tom has an opportunity cost of $41,000. C. Tom earns an accounting profit of $35,000. D. All of these are true.
Geneva is spending her entire income on goods X and Y. Her marginal utility from the last units of X and Y that she consumes is 36. Geneva's utility is only maximized if
A. the price of good X is twice that of good Y. B. the price of good Y is twice that of good X. C. the prices of X and Y are the same. D. We cannot determine whether Geneva is maximizing her utility.