The Following Equations Represent the Demand and Supply for Bottles

question 101

Multiple Choice

The following equations represent the demand and supply for bottles of nail polish.
Qᴰ = 25 - P
Qˢ = -15 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bottles of nail polish?

• A)P = $5; Q = 20 thousand
• B)P = $15; Q = 30 thousand
• C)P = $20; Q = 5 thousand
• D)P = $10; Q = 15 thousand

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