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:

Operating Cost

The expenses associated with the day-to-day operations of a business, including costs for materials, labor, and overhead.

Useful Life

Useful life is the estimated duration a fixed asset is expected to be economically usable, affecting its depreciation calculation and financial planning.

Injection Mold

A manufacturing process in which molten material is injected into a mold to produce parts or products of specific shapes and sizes.

Value-based Pricing

A pricing approach that sets the cost of a product or service according to its perceived worth to the consumer, rather than the expenses involved in its creation.