Given the demand function Qd = 20 – ½P. What is Qd when P is $12?
A. 6 units B. 10 nits C. 12 units D. 14 units Correct Answer: Option D D. 14 unitsThe allocation of goods and services in a free market economy is performed by?
A. the price system B. the banking system C. the central planning body D. government budgets Correct Answer: Option A A. the price systemAny price below the equilibrium price will lead to?
A. increase in supply B. excess demand C. equality of demand and supply D. decreases in demand Correct Answer: Option B B. excess demandA decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is?
A. derived B. composite C. joint D. competitive Correct Answer: Option C C. jointProducts
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