3. The Market Forces of Supply and Demand
Supply and Demand: Quantitative Analysis
Multiple Choice
Multiple ChoiceThe supply and demand curves for a product are as follows:
Qd = 10560 − 80P
P = 1 40Qs + 6
What is the equilibrium price and quantity of the product?
A
P* = $60, Q* = 5760
B
P* = $70, Q* = 4960
C
P* = $80, Q* = 4160
D
P* = $90, Q* = 3360
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