The following equations represent the demand and supply for bird feeders
QD = 35 - P
QS = -5 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bird feeders?
A) P = $5; Q = 30 thousand B) P = $35; Q = 20 thousand
C) P = $20; Q = 20 thousand D) P = $10; Q = 25 thousand
D
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The idea of the "big tradeoff" points out the costs of
A) using a results approach to fairness when the rules approach is correct. B) transferring income using taxes that decrease efficiency. C) price hikes during natural disasters. D) using a rules approach to fairness when the results approach is correct. E) None of the above answers is correct.
The value added method to measure GDP does not avoid double counting
a. True b. False Indicate whether the statement is true or false
If real output grows at 3 percent per year and the inflation rate is 3 percent per year then government debt can grow by 6 percent per year and not increase the ratio of debt to income
a. True b. False Indicate whether the statement is true or false
Prices for fresh fruit, vegetables and other food products are examples of:
A. custom prices. B. auction prices. C. sticky prices. D. temporary prices.