A Competitive Market with Demand Q = 120 - 4P

question 34

Multiple Choice

A competitive market with demand Q = 120 - 4P and supply Q = -30 + 2P is in equilibrium.If government imposes a price floor of 23,what quantity will be traded on the market?

• A) 28.
• B) 16.
• C) 20.
• D) 22.
• E) None of the above.

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Definitions:

Total Quality Management

A comprehensive and structured approach to organizational management that seeks to improve the quality of products and services through ongoing refinements in response to continuous feedback.

Statistical Process Control

A method of monitoring and controlling a process through the use of statistical analysis to detect and prevent unacceptable variations.

Short-Term Success

Achievements or positive outcomes that are realized within a relatively brief period, often acting as milestones towards long-term objectives.

Six Sigma

A set of techniques and tools for process improvement aiming at reducing defects and improving quality in manufacturing and business processes.