Use the Following Information to Answer the Following Questions

question 51

Multiple Choice

Use the following information to answer the following questions.
Market for flat-screen TVs:
Demand: Q_d = 2,600 - 5P
Supply: Q_s = -1,000 + 10P
-What would be the equilibrium quantity for flat-screen TVs?

• A) 240
• B) 140
• C) 24
• D) 1,400
• E) 1,600

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Definitions:

Downward Sloping

Describes a curve or line on a graph that shows a decrease in one variable as another variable increases, typical of demand curves in economics.

Aluminum Cans

Containers made from aluminum used for packaging beverages and food items.

Long-run Average Total Cost

A metric reflecting the per-unit cost of producing a certain output level, considering all variable and fixed costs over time.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.