(ch3) In a small country, the demand and supply of turbo jets are represented by QD = 1,000 - P and QS = 2P - 500. Which of the following statements is (are) TRUE? I. The equilibrium price is $700. II. At a price ceiling of $200, there are 0 supplies. III. At a price ceiling of $300, there is an excess demand of 600 units. A) I and III B) II and III C) II D) III
(ch3) In a small country, the demand and supply of turbo jets are represented by QD = 1,000 - P and QS = 2P - 500. Which of the following statements is (are) TRUE? I. The equilibrium price is $700. II. At a price ceiling of $200, there are 0 supplies. III. At a price ceiling of $300, there is an excess demand of 600 units. A) I and III B) II and III C) II D) III
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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(ch3) In a small country, the
and QS = 2P - 500. Which of the following statements is (are) TRUE?
I. The
II. At a
III. At a price ceiling of $300, there is an excess demand of 600 units.
A) I and III
B) II and III
C) II
D) III
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