The Demand Function for Abalone Is Q = 30 -

question 1

Multiple Choice

The demand function for abalone is q = 30 - 9p and the supply function is q = 6p.Suddenly the yuppies discover abalone.The quantity demanded at every price doubles.The supply function, however, remains the same as before.What is the effect on the equilibrium price and quantity?

• A)The price doubles and the quantity remains constant.
• B)The quantity doubles and the price remains constant.
• C)Both price and quantity double.
• D)Both price and quantity increase but neither doubles.
• E)None of the above.

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