If Supply in the Market for Air Filters Is Specified

question 26

Multiple Choice

If supply in the market for air filters is specified as Q_S = 24 + 3P, then, when conventionally graphed,

• A) the vertical intercept is +24
• B) the slope of the supply curve is +3
• C) the horizontal intercept is +3
• D) none of the above

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Definitions:

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market price.

Normal Good

A normal good is a type of good for which demand increases as the income of individuals increases.

Equilibrium Price

The rate at which the product's supply equals its demand in the market.

Equilibrium Quantity

At the prevailing market price, the supply of goods or services is exactly the same as the demand for them.