If the Demand Curve Is P=80 - Q and Supply

question 10

Multiple Choice

If the demand curve is P=80 - Q and supply is 20 + 2Q, the equilibrium price and quantity are

• A)P = 20, Q = 20
• B)P = 60, Q = 20
• C)P = 80, Q = 20
• D)P= 40, Q = 40

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Definitions:

Income

The financial gain received by an individual or entity, often measured as salary, wages, or profits.

Perfect Equality Line

A hypothetical line on a graph representing a situation where everyone has exactly the same income or wealth, demonstrating absolute equality.

Points

In various contexts, points can refer to units of measurement, aspects of discussion, or rewards accumulated from transactions.

Straight Line

The shortest distance between two points, often used to describe a method of linear depreciation in accounting.