(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 100 - 2Q and supply by the equation P = 10 + 4Q. Refer to the given information. If demand changed from P =
100 - 2Q to P = 130 - Q, the new equilibrium quantity is:
A. 15.
B. 20.
C. 24.
D. 32.
Answer: C
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If a city were to ban the use of automobiles within its city limits, we would expect
A) the demand curve for automobiles to shift to the left. B) people to move to another city. C) the demand curve for bicycles to shift to the left. D) the demand curve for automobiles to remain the same.
When people buy assets simply because they believe the assets will appreciate and can be sold for a profit, it may cause:
A. a recession. B. unemployment. C. inflation. D. an asset-price bubble.
Actions that reduce trade restrictions and promote free trade are often referred to as:
A. free trade politicism. B. trade liberalization. C. autarky. D. trade protectionism.
In the long run, the price of information products in monopolistically competitive markets will be equal to
A) zero. B) MC. C) AFC. D) ATC.