Which of the Following Pairs of Equations Describes the Supply

question 159

Multiple Choice

Which of the following pairs of equations describes the supply and demand curves given in the accompanying demand and supply tables? $$\begin{array} { | c | c | c | } \hline \text { Price } & \text { Quantity Supplied } & \text { Quantity Demanded } \\\hline \$ 20 & 0 & 40 \\\hline \$ 25 & 10 & 40 \\\hline \$ 30 & 20 & 40 \\\hline \$ 35 & 30 & 40 \\\hline \$ 40 & 40 & 40 \\\hline \$ 45 & 50 & 40 \\\hline\end{array}$$

• A)Qs = P - 40; Qd = 40P, respectively
• B)Qs = P - 20; Qd = 40, respectively
• C)Qs = 2P - 40; Qd = 40, respectively
• D)cannot be determined

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Definitions:

Free-Market School

An economic theory advocating minimal governmental involvement in the economy, emphasizing the role of supply and demand in regulating prices and resources.

Government Interference

Refers to the involvement or actions by a government in market operations or the personal affairs of its citizens, often to correct market failures or protect public interests.

Planetary Management

A strategy or system for managing the Earth's resources and environment to ensure sustainability and balance between human needs and environmental protection.

Free-Market Global Economy

An economic system where prices for goods and services are determined by the open market and consumers, operating on a global scale without restrictive regulations.