If a Demand Curve and a Supply Curve Can Be

question 86

Multiple Choice

If a demand curve and a supply curve can be stated functionally as Q_d = 100 - 5P; and Q_s = 90 + 5P,respectively,then the equilibrium quantity and price (Q,P) would be

• A)95; 1.
• B)1; 95.
• C)190; 1.
• D)95; 10.
• E)190; 10.

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Definitions:

Shortages Worldwide

A global situation where the demand for various goods or services exceeds the available supply, leading to scarcity.

Proved Reserves

Quantities of natural resources, like oil or gas, that are confirmed by analysis to be recoverable under current technological and economic conditions.

Natural Resources

Assets occurring in nature, such as minerals, forests, water, and fertile land, that can be used for economic gain.

Relative Price

The price of a good or service in comparison to the price of other goods and services.