Use the following information to answer the next questions.
Market for a new hardcover book:
Demand: Q d = 325 - 8P
Supply: Q s = -60 + 3P
-What would be the quantity demanded if a price ceiling is set at $20?
A) 90
B) 45
C) 265
D) 165
E) 305

Question

Use the following information to answer the next questions. 
Market for a new hardcover book:
Demand: Q d = 325 - 8P
Supply: Q s = -60 + 3P
-What would be the quantity demanded if a price ceiling is set at $20? 
A) 90
B) 45
C) 265
D) 165
E) 305

Quizplus · Accepted Answer

The quantity demanded is found by plugging the price ceiling of $20 into the demand equation: QS1U1B1dS1U1B0 = 325 - 8P. This gives us QS1U1B1dS1U1B0 = 325 - 8(20) = 90.

Use the Following Information to Answer the Next Questions