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The Following Equations Represent the Demand and Supply for Kumquats

Question 419

Multiple Choice

The following equations represent the demand and supply for kumquats. QD = 60 - 3P
QS = -20 + 5P
What is the equilibrium price (P) and quantity (Q - in thousands) of kumquats?


A) P = $5;Q = 20 thousand
B) P = $30;Q = 5 thousand
C) P = $20;Q = 10 thousand
D) P = $10;Q = 30 thousand

Correct Answer:

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