When the Price of a Good Is $5,the Quantity Demanded

question 175

Multiple Choice

When the price of a good is $5,the quantity demanded of a good is 30 units,and the quantity supplied of the good is 50 units.For every $1 decrease in the price of this good,quantity demanded rises by 5 units and quantity supplied falls by 5 units.The equilibrium price of this good is ___________and the equilibrium quantity of this good is _________ units.

• A) $3; 40
• B) $4; 35
• C) $2; 45
• D) $2; 35
• E) $3; 35

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Definitions:

Police Job

A role or position tasked with maintaining public order, enforcing laws, and preventing, detecting, and investigating criminal activities.

Chi-Square

A statistical test used to determine if a significant relationship exists between two categorical variables.

Row Variable

A categorical variable used in tables to categorize subjects or data points based on a specific attribute.

Column Variable

A variable represented by a column in a data table, where each row entry under that column pertains to different observations or records.