Assume the demand and supply functions for good X can be written as Qd = 1000 - 40Px Qs = -200 + 20Px In this example, equilibrium price is $20 and the equilibrium quantity is 200
Indicate whether the statement is true or false
TRUE
Economics
You might also like to view...
Refer to Scenario 12.2. Explain why the situation described in the scenario is neither a prisoner's dilemma nor a battle of the sexes
What will be an ideal response?
Economics
If the price of insulin is currently above the market-clearing level, then
A) there is a shortage of insulin. B) the market for insulin is fully coordinated. C) there is a surplus of insulin. D) insulin is no longer a scarce good.
Economics