A Market Can Be Described by the Equations Q_d =

question 87

Multiple Choice

A market can be described by the equations Q_d = 50 - 3P and Q_s = 2P. What are the equilibrium price and quantity in this market?

• A) The equilibrium price is $20 and the equilibrium quantity is 10 units.
• B) The equilibrium price is $50 and the equilibrium quantity is 100 units.
• C) The equilibrium price is $30 and the equilibrium quantity is 10 units.
• D) The equilibrium price is $10 and the equilibrium quantity is 20 units.

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Definitions:

Bait-And-Switch

A deceptive marketing strategy in which a customer is lured by the advertisement of a low-priced item but then is encouraged to buy a more expensive one.

Door-In-The-Face Technique

The Door-In-The-Face Technique is a persuasion strategy where a larger request is initially made and rejected, followed by a smaller, more reasonable request.

Unreasonable Request

A demand made that is not grounded in logic or fairness, often placing undue burden on others.

Door-In-The-Face Technique

A persuasion strategy where a large, unreasonable request is made first with the expectation it will be refused, followed by a smaller, more reasonable request.