The Following Are the Equations for the Supply and Demand

question 262

Multiple Choice

The following are the equations for the supply and demand curves in the market for weezils: where Q _d is the quantity demanded, Q _s is the quantity supplied, and P is the price per weezil in dollars.
Refer to Exhibit 4-1. According to the data given, when the market is in Equilibrium, how many weezils are sold?

• A)3
• B)5
• C)11
• D)14

---

Definitions:

Credit Sale

A transaction where goods or services are provided to a customer with an agreement to pay at a later date, typically involving invoicing.

FOB Shipping Point

A term used in shipping agreements indicating that the buyer is responsible for the goods once they leave the seller's premises.

Prepaid Freight

Costs paid in advance for the transportation of goods, which are typically recorded as a prepaid expense until the goods are delivered.

Merchandise Return

The process of a customer returning previously purchased merchandise back to the business, often leading to a refund or store credit.