Use the Following General Linear Demand Relation: Where M

question 35

Multiple Choice

Use the following general linear demand relation: where M is income and is the price of a related good,R.If M = $15,000 and = $20 and the supply function is ,equilibrium price and quantity are,respectively,

• A)P = $55 and Q = 195.
• B)P = $6 and Q = 38.
• C)P = $12 and Q = 200.
• D)P = $50 and Q = 170.
• E)P = $40 and Q = 250.

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