Consider a Market Characterized by the Following Demand and Supply

question 22

Multiple Choice

Consider a market characterized by the following demand and supply conditions: P_X = 15 − 2Q_X and P_X = 3 + 2Q_X.The equilibrium price and quantity are,respectively:

• A) $3 and 9 units.
• B) $9 and 3 units.
• C) $12 and 4 units.
• D) $4 and 12 units.

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Definitions:

Competitive Ability

The capability of an organism to obtain resources, mates, or territory in the face of competition from other individuals or species.

Wet Forest

A forest ecosystem characterized by high humidity and regular precipitation, leading to a dense understory and rich biodiversity.

Ideal Free Distribution

A theory in ecology predicting how animals distribute themselves among resources to maximize their fitness.

Equal Fitness

The scenario in which different genotypes or phenotypes within a population have the same likelihood of survival and reproduction, contributing equally to the next generation's gene pool.