Suppose That Initially, the Equations for Demand and Supply Are

question 8

Multiple Choice

Suppose that initially, the equations for demand and supply are Qd = 48 − 4P and Qs = 4P − 16, respectively. If the quantity supplied decreases by 4 at every price (so that the supply curve shifts to the left) , the equilibrium price will change from:

• A) $8 to $7.50.
• B) $8 to $8.50.
• C) $8.50 to $7.50.
• D) $7.50 to $8.50.

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African American

An ethnic group in the United States with ancestors who were predominantly from sub-Saharan Africa, known for their rich cultural heritage and history.

Matriarchal

A social system in which women hold primary power, making major decisions and being at the center of authority within families, communities, or entire societies.