The demand and supply equations for a commodity are given...
The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as
P = 12, Q = 16
P = 15, Q = 10
P = 12, Q = 14
P = 16, Q = 12
Correct answer is D
No explanation has been provided for this answer.
Which of the following is not a function of an insurance company? ...
Taxes which are levied on a person’s expenditures are known as? ...
Which of the following is a liability of commercial banks? ...
Information about new goods is passed on to buyers through ...
If the government imposes a minimum price on a commodity ...
Public corporation in West Africa are set up to ...
Which of the following is an invisible item? ...
The national income is the ...
The petrochemical industries are located in the River State of Nigeria due to ...