Assume the Demand Function for Scooters Is Given by Q_D

question 42

Multiple Choice

Assume the demand function for scooters is given by Q_D = 20,000 - 10P + 0.2I,where P = price of a scooter,and I = average income of consumers.Also,assume the supply function of scooters is given by Q_S = 20P.If the market for scooters is perfectly competitive,and the average income of consumers is $20,000,what are the equilibrium price and quantity in this market?

• A)The equilibrium price is $16,000,and 800 scooters are traded.
• B)The equilibrium price is $1,600,and 32,000 scooters are traded.
• C)The equilibrium price is $800,and 16,000 scooters are traded.
• D)The equilibrium price is $800,and 32,000 scooters are traded.

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Definitions:

Nucleotide Bases

The nitrogenous bases in DNA and RNA molecules that pair to form the structural foundation of nucleic acids; adenine, cytosine, guanine, thymine (DNA only), and uracil (RNA only).

DNA Replication

The process by which a double-stranded DNA molecule is copied to produce two identical DNA molecules.

Histone

Type of protein that associates with DNA and structurally organizes eukaryotic chromosomes.

Nucleosome

Unit of chromosomal organization: a length of DNA wound twice around histone proteins.