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The Following Equations Represent the Demand and Supply for Silver

Question 196

Multiple Choice

The following equations represent the demand and supply for silver pendants. QD = 50 - 2P
QS = -10 + 2P
What is the equilibrium price (P) and quantity (Q - in thousands) of pendants?


A) P = $15; Q = 20 thousand
B) P = $50; Q = 10 thousand
C) P = $20; Q = 15 thousand
D) P = $10; Q = 30 thousand

Correct Answer:

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