The following equations represent the demand and supply for bottles of nail polish. QD = 25 - P
QS = -15 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bottles of nail polish?
A) P = $5; Q = 20 thousand
B) P = $15; Q = 30 thousand
C) P = $20; Q = 5 thousand
D) P = $10; Q = 15 thousand
Correct Answer:
Verified
Q182: A tax is efficient if it imposes
Q184: If the quantity of donuts supplied is
Q186: What is "tax incidence"? What determines tax
Q187: Figure 4-11 Q189: One result of a tax is an Q190: If the quantity of soccer balls demanded Q191: If the quantity of fishing poles demanded Q192: If the price of chewing gum is Q192: Table 4-6 Q195: What do economists mean by an efficient
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents