Use the Following Demand and Supply Functions: Demand $Q _ { d } = 50 - 4 P$

question 71

Multiple Choice

Use the following demand and supply functions: Demand: $Q _ { d } = 50 - 4 P$ Supply: $Q _ { s } = 20 + 2 P$ If the price is $2,there is a

• A)surplus of 10 units.
• B)shortage of 10 units.
• C)surplus of 30 units.
• D)shortage of 18 units.
• E)none of the above

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Definitions:

Manufacturing Activity

The process or actions involved in converting raw materials into finished goods through labor and use of machinery.

Materials

refers to the raw items and components required in the production of goods, ranging from metals and plastics to textiles and electronics.

Assembly Department

A section in a manufacturing plant where parts are put together to create complete goods.

Weighted-Average Method

A cost flow assumption used in inventory valuation that averages out all costs of goods available for sale during the period.