Given the equations for demand and supply: Qd = 48 ? 4P and Qs = 4P ? 16, respectively, the quantity demanded equals the quantity supplied at a price of:
A. $12.
B. $4.
C. $16.
D. $8.
Answer: D
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An increase in price will increase supply.
Answer the following statement true (T) or false (F)
The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets
When the price ceiling is in place and taking account of the resources lost in search, consumer surplus ________ and producer surplus ________ compared to the equilibrium before the price ceiling was imposed. A) decreases; increases B) decreases; decreases C) increases; increases D) increases; decreases E) does not change; increases
A system of managed floating exchange rates is
A) a system in which governments may attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed. B) a system in which governments use flexible exchange rates. C) a system in which governments are forbidden from attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed. D) a system in which governments need to reach a prior agreement among them before they may attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed. E) a system in which governments use extensive fiscal policy to discourage exchange rate movements.
A monopolist can sell 7 units per day at $7 per unit, or 8 units per day at $6 per unit. Its marginal revenue for the eighth unit of output is: a. $48. b. $6
c. $1. d. -$1.