Use the Following Information to Answer the Following Questions

question 116

Multiple Choice

Use the following information to answer the following questions.
Market for used cars:
Demand: Q_d = 154,000 - 86P
Supply: Q_s = -100 + 14P
-What would be the equilibrium quantity for used cars?

• A) 100
• B) 154,100
• C) 21,474
• D) 1,541
• E) 153,900

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Definitions:

Obligor

An individual or organization that is legally required to deliver a payment or service to another party as stipulated by a contract.

Assignment

The passage of control over assets, obligations, or rights from one person to another.

Donee Beneficiary

A third party who benefits from a contract made between two other parties, particularly when the contract's purpose is to give a gift to the third party.

Cause of Action

A collection of sufficient facts that validates the entitlement to initiate legal action for the purpose of acquiring money, property, or enforcing a right against someone else.