The Demand Curve for Knobs Is P = 75 -

question 117

Multiple Choice

The demand curve for knobs is P = 75 - 6QD and the supply curve for knobs is P = 35 + 2QS. What is the equilibrium price of a knob?

• A)$5
• B)$10
• C)$40
• D)$45
• E)$75

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Definitions:

Lowest Terms

A fraction that cannot be reduced by any common divisor.

Fractions

Number expressions of one or more equal parts of whole units.

Improper Fractions

Improper fractions are fractions where the numerator (the top number) is greater than or equal to the denominator (the bottom number), representing a value equal to or greater than one.

Mixed Numbers

A number consisting of an integer and a proper fraction.