The Following Equations Represent the Demand and Supply for Silver

question 129

Multiple Choice

The following equations represent the demand and supply for silver pendants. Q_D = 50 - 2P
Q_S = -10 + 2P
What is the equilibrium price (P) and quantity (Q - in thousands) of pendants?

• A) P = $15; Q = 20 thousand
• B) P = $50; Q = 10 thousand
• C) P = $20; Q = 15 thousand
• D) P = $10; Q = 30 thousand

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