Solve by the Substitution Method

question 2

Multiple Choice

Solve by the substitution method.
-x + y = 6 8x + 8y = 48

• A)(6, 8)
• B)(0, 0)
• C)Infinite number of solutions
• D)(1, 5)

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Definitions:

Equilibrium Price

The price level where the amount of products provided matches the amount of products customers want to buy.

Equilibrium Price

The price at which the quantity of a product offered for sale matches the quantity that buyers are willing to buy, leading to a stable market condition.

Price Floor

A government- or group-imposed limit on how low a price can be charged for a product, above the equilibrium price, leading to surpluses.

Surplus

A situation where the quantity supplied exceeds the quantity demanded at the current price; often refers to excess in budget or resources.