Multiple Choice
The supply and demand curves for a product are as follows. What is quantity demanded if a price floor of $21 is set?
QD = 45 – 2P
QS = -15 + P
211
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The supply and demand curves for a product are as follows. What is quantity supplied if a price ceiling of $4 is set?
QD = 600 – 100P
QS = -150 + 150P