If a Demand Curve and a Supply Curve Can Be

question 89

Multiple Choice

If a demand curve and a supply curve can be stated functionally as Qd = 500 - 0.1P and Qs = 440 +
0.4P, respectively, then the equilibrium quantity and price (Q, P) would be

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

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Definitions:

LCD Televisions

A type of television using Liquid Crystal Display technology to produce images, known for its thin profile and energy efficiency.

Market Price

The ongoing price level for buying or selling goods or services in a market setting.

Long-run Supply Curve

A graphical representation showing the relationship between the price of a good and the amount of the good that suppliers are willing to produce, taking into account adjustments in all factors of production.

Decreasing-cost Industry

An industry in which costs per unit decrease as the scale of operation increases, often due to economies of scale.