(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
Economics
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If a price above equilibrium is imposed on a market, welfare will increase when the price control is lifted. If a price control is below equilibrium and then is repealed and allowed to rise to equilibrium, welfare in the system will increase.
A. Both statements are false. B. The first statement is true and the second is false. C. Both statements are true. D. The first statement is false and the second statement is true.
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