QUESTION 15 Suppose the demand and supply functions are given by the following equations: P= %QD+10 What is the equilibrium price? 0 A. $2 0 B.$12 O C. $5 O D.$9 QUESTION 16 Using the same information from the previous question, what is the equilibrium quantity? 0 A. Q=13 O B. 0:10 0 C. 0:? O D.Q=17 QUESTION 17 DZ c Q . The gure above shows a shift of a demand curve for an inferior good from D1 to D2. Which of the following could be responsible for the shift? 0 A. A decrease in the price of a substitute. 0 B. A decrease in the price of the good. 0 C. A decrease in income. 0 D.An increase in the price of a complement good. QUESTION 18 Due to low demand, the Los Angeles Angels (a professional baseball team) decides to lower its ticket prices. What would happen to the demand curve? O A. Demand would not change, quantity demanded would go down. O B. Demand would go up, quantity demanded would not change. 0 C. Demand would not change, quantity demanded would go up. O D. Demand would go down, quantity demanded would not change. QUESTION 19 Suppose that the price of plastic goes up and the demand for bottled water falls. What can we say about prices and quantity? 0 A. Q increases for sure, P we aren't sure 0 B. O we aren't sure, P falls for sure. 0 C. O we aren't sure, P rises for sure. 0 D. Q falls for sure, P we aren't sure. QUESTION 20 P=QS20 QD=953P Using the two equations above, what is the equilibrium price? What is the equilibrium quantity? 0 A. P=35, 0:45 0 B. P=25, 0:55 0 C. P=40, 0:40 0 D. P=30, 0:50