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Suppose Demand and Supply in a Market Can Be Expressed

question 36

Essay

Suppose demand and supply in a market can be expressed by these equations:
QD = 40 - 0.5P
QS = 15 + 2P
If the prevailing market price is $14,what are the quantity demanded and the quantity supplied?


Definitions:

Restrictive Clause

A restrictive clause is a clause that serves to explicitly define or limit the meaning of the noun it modifies and is essential to the meaning of a sentence.

Comma

A punctuation mark used to indicate a pause between parts of a sentence or to separate items in a list.

Waiters

Individuals who serve food and drinks to customers in dining establishments.

Minimum Wage

The lowest legal hourly pay that workers can be paid by employers, as determined by law or contract.

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