Question
Market demand is given as QD = 280 - 4P. Market supply is given as QS = 2P + 40. Which legally imposed price would
Market demand is given as QD = 280 - 4P. Market supply is given as QS = 2P + 40. Which legally imposed price would constitute a binding price ceiling?
| a. | $35 | |
| b. | $45 | |
| c. | $55 | |
| d. | $65 |
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International Economics
Authors: Robert C. Feenstra, Alan M. Taylor
3rd edition
978-1429278515, 142927851X, 978-1319029517, 1319029515, 978-1429278447
