The Demand Function for X Is D(p)= 65 - 2p

question 35

Multiple Choice

The demand function for x is D(p) = 65 - 2p and the supply function is S(p) = 20 + p.The price that should be set to restrict the quantity supplied to 30 units is closest to

• A)$5.
• B)$10.
• C)$15.
• D)$50.
• E)$55.

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Definitions:

Economic Profit

The gap between the total earnings of a business and all its costs, encompassing out-of-pocket and opportunity costs.

Perfect Competitor

A Perfect Competitor refers to a hypothetical firm in a perfectly competitive market that cannot influence the market price and must accept it as given.

Short Run

A period in economics during which some factors, like capital, are fixed and cannot be changed, emphasizing immediate effects.

Price-Taker

A price-taker is a market participant that cannot influence the price of a good or service and must accept the prevailing market price.