==41. Suppose that the market for cigarettes is initially in equilibrium and is perfectly competitive.The demand curve can be expressed as P 60Qd; the supply curve can be expressed as P0.5Qs. Quantity is expressed in millions of boxes per month. What are the amount traded and theprice for this market?a) Q = 40; P = 20b) Q = 20; P = 40c) Q = 30; P = 30d) Q = 30; P = 15

At equilibrium price, quantity demanded of a good or service is equal to quantity supplied. There is…

41. Suppose that the market for cigarettes is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as P = 60 - Qª; the supply curve can be expressed as P = 0.5Qs. Quantity is expressed in millions of boxes per month. What are the amount traded and the price for this market? a) Q = 40; P=20 b) Q = 20; P = 40 c) Q = 30; P = 30 d) Q = 30; P = 15

41. Suppose that the market for cigarettes is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as P = 60 - Qª; the supply curve can be expressed as P = 0.5Qs. Quantity is expressed in millions of boxes per month. What are the amount traded and the price for this market? a) Q = 40; P=20 b) Q = 20; P = 40 c) Q = 30; P = 30 d) Q = 30; P = 15

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 12P

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