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 demanded if a price ceiling is set at $1,000?
A) 500
B) 54,100
C) 68,000
D) 13,900
E) 21,474

Question

Quizplus · Accepted Answer

To find the quantity demanded at a price ceiling of $1,000, substitute $1,000 for P in the demand equation: 154,000 - 86(1,000) = 154,000 - 86,000 = 68,000.

Use the Following Information to Answer the Following Questions