19 of 38 In the market for designer shoes, the demand function (D) is Q=210-1.00P, where P is the price paid by consumers in dollars per pair of designer shoes and Q is the quantity demanded in thousands. Suppose the supply curve (S) for designer shoes is estimated to be: Q=1.00P Given this information, the equilibrium price and quantity (respectively) for designer shoes would be given by: O A. P=$115; Q=125,000 O B. P=$135; Q=165,000 O C. P=$105; Q=105,000 O D. P=$125; Q=145,000 Unsure

19 of 38 In the market for designer shoes, the demand function (D) is Q=210-1.00P, where P is the price paid by consumers in dollars per pair of designer shoes and Q is the quantity demanded in thousands. Suppose the supply curve (S) for designer shoes is estimated to be: Q=1.00P Given this information, the equilibrium price and quantity (respectively) for designer shoes would be given by: O A. P=$115; Q=125,000 O B. P=$135; Q=165,000 O C. P=$105; Q=105,000 O D. P=$125; Q=145,000 Unsure

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 11RQ: As a general rule, is it safe to assume that a change in the price of a good will always have its...

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