Suppose Demand Is Given by Q^d = 400 - 15P

question 21

Multiple Choice

Suppose demand is given by Q^d = 400 - 15P + I, where Q^d is quantity demanded, P is price and I is income. Supply is given by Q^s = 5P, where Q^s is quantity supplied. When I = 100, equilibrium price is

• A) 15
• B) 20
• C) 25
• D) 30

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Definitions:

Hindu God

A deity part of the extensive pantheon in Hinduism, each representing different aspects of life, nature, and the cosmos.

Badami

An historic town in Karnataka, India, known for its rock cut structural temples that date back to the 6th century, associated with the Early Chalukyan architecture.

Findspot

The exact location where an artifact was found during an archaeological excavation.

Mohenjo-daro

An archaeological site in the province of Sindh, Pakistan, representing one of the major settlements of the ancient Indus Valley Civilization, known for its advanced urban planning and architecture.