Suppose That the Demand Curve for an Advanced Technology Product

question 141

Multiple Choice

Suppose that the demand curve for an advanced technology product for businesses is given by P =10,000 - 4Q³ and supply is P = 2,000 + 4Q³. The equilibrium price is ____ and the equilibrium quantity is ____.

• A) $6,000: 10
• B) $10; 6,000
• C) $70,000; 10
• D) $30,000; 20

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Definitions:

Sporophyte

The diploid phase in the life cycle of plants and algae that produces spores.

Fern

One of a phylum of seedless vascular plants that reproduce by

Sori

Clusters of sporangia, often found under fern leaves, where the spores are produced.

Ferns

A group of non-flowering vascular plants that reproduce via spores and have leaves typically referred to as fronds.