The Following Equations Represent the Demand and Supply for Silver

question 76

Multiple Choice

The following equations represent the demand and supply for silver pendants.
Qᴰ = 50 - 2P
Qˢ = -10 + 2P
What is the equilibrium price (P) and quantity (Q - in thousands) of pendants?

• A)P = $15; Q = 20 thousand
• B)P = $50; Q = 10 thousand
• C)P = $20; Q = 15 thousand
• D)P = $10; Q = 30 thousand

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Definitions:

Appellate Court

A superior court that examines the rulings of inferior courts for the proper application of the law.

Scanty

Lacking in amount, quantity, or sufficiency; minimal or insufficient in size, quantity, or degree.

Reverse

To change to the opposite direction, position, or course of action.

Long-Standing Business Relationship

A business relationship characterized by a prolonged period of association and mutual dealings between parties.