Suppose Quantity Demanded Is Given by Q^d=100-P, and Quantity Supplied

question 170

Multiple Choice

Suppose quantity demanded is given by Q^d=100-P, and quantity supplied is given by Q^s=20+3P. In this case, equilibrium price, P^*, and equilibrium quantity, Q^*, are as follows:

• A) P^*=80, Q^*=20
• B) P^*=10, Q^*=90
• C) P^*=40, Q^*=140
• D) P^*=20, Q^*=80

---

Definitions:

Plan A

Often implies a primary strategy or initial course of action set before any alternatives are considered.

Plan B

A backup plan or alternative strategy in case the original plan fails or circumstances change.

Social Influence

The effect of other people's actions, perceptions, or behavior on an individual's attitudes, beliefs, or actions.

Majority And Minority

Terms related to the larger part of a group (majority) and the smaller part or subgroups within it (minority), often discussed in the context of social dynamics and power structures.