Use the Following Information to Answer the Following Questions

question 17

Multiple Choice

Use the following information to answer the following questions.
Market for used cars:
Demand: Q_d = 154,000 - 86P
Supply: Q_s = -100 + 14P
-What would be the quantity demanded if a price ceiling is set at $1,000?

• A) 500
• B) 54,100
• C) 68,000
• D) 13,900
• E) 21,474

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Definitions:

Practical Intelligence

Intelligence that relates to the ability to solve everyday problems by utilizing knowledge gained from experience.

Street Smarts

Practical knowledge and skills gained from experience outside formal learning environments, often related to urban survival.

Analytic Intelligence

The ability to assess problems logically, evaluate solutions, and make rational decisions.

Essay Exams

A type of examination where students are required to write detailed answers in essay format to questions posed by the examiner.