Let Q_d = 10 - 2P and Q_s = 3P

question 7

Multiple Choice

Let Q_d = 10 - 2P and Q_s = 3P be the demand and supply curves for Beer.The equilibrium combination (P* and Q*) in the market is ______.

• A)P^* = 2; Q^* = 5
• B)P^* = 5; Q^* = 0
• C)P^* = 2; Q^* = 6
• D)P^* = 6; Q^* = 2

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Definitions:

Capital Balances

The amount of money or value of assets that a company or an individual has invested in a business.

Net Income

The profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenues.

Time Devoted

The amount of time that is spent on a particular activity or task.

Capital Account Balances

The amount of money and other forms of assets invested in a company by its owners or shareholders, reflected in the equity section of the balance sheet.