Demand for a Product Is Given by Q = 100

question 26

Multiple Choice

Demand for a product is given by Q = 100 - P and supply is given by Q = P - 10.If the quantity demanded rises by 10 units at every possible price,then the equilibrium price will

• A) increase by $5
• B) increase by $10
• C) decrease by $5
• D) increase by $7.50

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Definitions:

Commercial Unit

A single whole for the purpose of sale, the division of which impairs its character or value on the market, such as a set of furniture.

Division

The act of separating something into parts or the process of being separated.

Value

The importance, worth, or usefulness of something, often determined by personal beliefs, market forces, or cultural norms.

Express Warranty

An oral or written statement, promise, or other representation about the quality of a product.