Scenario 2.1:
The demand for books is: Q d = 120 - P
The supply of books is: Q s = 5P
-Refer to Scenario 2.1. What is the equilibrium price of books?
A) 5
B) 10
C) 15
D) 20
E) none of the above

Question

Quizplus · Accepted Answer

To find the equilibrium price, set the demand equation equal to the supply equation: 120 - P = 5P. Solving for P gives P = 20.

Scenario 2.1: The Demand for Books Is: Qd = 120 - P

Scenario 2.1: The Demand for Books Is: Q_d = 120 - P