If a Demand Curve and a Supply Curve Can Be

question 84

Multiple Choice

If a demand curve and a supply curve can be stated functionally as Q_D = 500 - 0.1p and Q_S = 440 + 0.4p respectively,then the equilibrium quantity and price would be

• A)Q = 150; p = 150.
• B)Q = 50; p = 176.
• C)Q = 150; p = 485.
• D)Q = 488; p = 120.
• E)Q = 940; p = 0.4.

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Definitions:

Determinant Of Output

Factors that influence the quantity of goods and services an economy can produce, such as labor, capital, technology, and government policies.

Market Prices

The current value at which goods or services are bought and sold in a competitive marketplace.

Economic Growth

An increase in a country's output of goods and services over time, typically measured by the rise in real GDP, which enhances the economy's overall wealth and living standards.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain.