You observe that the demand for pomelo is given by Qd = 8,000-20Pand the supply of pomelo is given by Qs = 2,000 + 20P. What is the market equilibrium for pomelo?
A. P = 150, Q = 5,000
B. P = 500, Q = 16,000
C. P = 200, Q = 3,000
D. P = 50, Q = 2,500
Ans: A. P = 150, Q = 5,000
You might also like to view...
The desirability of an export orientation for development rests on the claim that export industries
a. make better use of domestic resources than do import-substitute industries b. attract foreign investors c. use factors of production that are abundant domestically d. earn more foreign exchange than would be saved by substituting for imports e. all of the above
A buyer is said to have a demand for a good only when
A. The buyer is not willing to buy the good and does not have enough income to purchase the good. B. The buyer has the income but the good is not preferred. C. The buyer is both willing and able to purchase the good. D. An adequate supply of the good is available for purchase.