For the Pair of Supply-And-Demand Equations, Where X Represents the Quantity

question 250

Multiple Choice

For the pair of supply-and-demand equations, where x represents the quantity demanded in units of 1,000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price. 5x + 2p - 69 = 0 and 5x - 4p + 33 = 0

• A) equilibrium quantity 1,400 units; equilibrium price $13
• B) equilibrium quantity 7,000 units; equilibrium price $17
• C) equilibrium quantity 1,400 units; equilibrium price $17
• D) equilibrium quantity 7,000 units; equilibrium price $13

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