Use the following information to answer the following questions.
Market for used cars:
Demand: Q d = 154,000 - 86P
Supply: Q s = -100 + 14P
-What would be the quantity supplied if a price floor is set at $2,000?
A) 9,900
B) 200
C) 27,900
D) 1,541
E) 18,000

Question

Quizplus · Accepted Answer

To find the quantity supplied at a price floor of $2,000, substitute P = 2000 into the supply equation: QS = -100 + 14(2000) = -100 + 28,000 = 27,900.

Use the Following Information to Answer the Following Questions