Use the Following Information to Answer the Following Questions

question 58

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 quantity supplied if a price ceiling is set at $400?

• A) 600
• B) 240
• C) 0
• D) 3,000
• E) 2,400

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Definitions:

Entrepreneurial Ability

Ability to recognize a business opportunity and successfully set up a business firm to take advantage of it.

Fascism

A political ideology that emphasizes authoritarian nationalism, centralization of power, suppression of dissent, and often a dictatorial leadership.

Mikhail Gorbachev

A former Soviet statesman whose policies of glasnost and perestroika played significant roles in the demise of the Soviet Union.

Overthrow

The act of removing and replacing a government or ruling system by force.