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Author Question: Representative democracy makes no sense from an economic point of view. a. True b. ... (Read 107 times)

fahad

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on: Jul 1, 2018
Representative democracy makes no sense from an economic point of view.
 
  a. True b. False

Question 2

Suppose the market for potatoes can be expressed as follows:
 
  Supply: QS = -20 + 10p
  Demand: QD = 400 - 20p
 
  If the government sets a maximum price of 10 per unit, what will be the quantity demanded and quantity supplied?


ryansturges

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

With a maximum price of 10, suppliers will sell only 80 units. (Q = -20 + 10(10 ) = 80 ). But at a price of 10, buyers wish to purchase 200 units: Q = 400 - 20(10 ) = 200. Thus, there will be excess demand of 120 units.


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