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Suppose That the Supply of Apples Can Be Represented by the Following

Question 1

Multiple Choice

Suppose that the supply of apples can be represented by the following equation: Qs=2P+500Q ^ { s } = 2 P + 500 . Further suppose that the demand for apples can be represented by the following equation: Qd=Q d = 9003P900 - 3 P . Which of the following is the equilibrium price in the market for apples?


A) 10
B) 50
C) 80
D) 100

Correct Answer:

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