The Demand Curve Is P = 700 - 20Q_D

question 151

Multiple Choice

The demand curve is P = 700 - 20Q_D.The supply curve is P = 300 + 20Q_S.At market equilibrium,the equilibrium quantity is ________ and the equilibrium price is ________.

• A)10;500
• B)500;10
• C)0.10;20
• D)20;0.10
• E)400;40

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Definitions:

Infinite Population

A hypothetical concept referring to a population of unlimited size, used as an assumption in certain statistical models.

Standard Error

A measure of the statistical accuracy of an estimate.

Sampling Distribution

A statistic's distribution of probabilities taken from a randomly selected sample.

Standard Error

A measure that indicates the standard deviation of the sampling distribution of a statistic, most commonly of the mean.