The Demand for Commodity X Is Represented by the Equation

question 39

Multiple Choice

The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q.Refer to the above information.After the change in demand, the new equilibrium price is:

• A)$2
• B)$4
• C)$6
• D)$7

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Definitions:

Domestic

Pertaining to the home, household affairs, or internal activities within a country as opposed to foreign or international.

Diplomatic

Pertaining to the conduct of negotiations and formal relations among countries, often involving ambassadors, international laws, and treaties.

Convention of 1800

An agreement between the United States and France to end the quasi-war and settle naval disputes, leading to a peaceful commercial relationship.

Treaty of Alliance

The Treaty of Alliance, often associated with the American Revolutionary War, was a formal agreement between two or more states or nations to cooperate for specific purposes, such as mutual defense.