The Following Are the Equations for the Supply and Demand

question 70

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. If consumers decide that they want 20 percent fewer weezils at every price, the equation for the new demand curve for weezils will be

• A)Q _d = 20 − 1.6P.
• B)Q _d = 0.2(20 − 2
• P).
• C)Q _d = 0.8(20 − 2
• P).
• D)Q _d = 80(20 − 2

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Definitions:

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An economic principle that states as production of a good expands, reflecting increased demand or supply shifts, the cost of producing an additional unit of output increases.

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A dairy product made from churning milk or cream, widely used as a spread and in cooking.

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Companies or individuals involved in the manufacturing of firearms.