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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