Question

If price is $25, then quantity demanded and quantity supplied, respectively, are a. 500 units and 500 units. b. 600 units and 600 units. c. 500 units and 800 units. d. 800 units and 500 units.

Answer 1

Answer: C. 500 units and 800 units

If you check the graph who will find that $25, The quantity demanded line touched at 500units while the quantity supplied line touched at the 800units.

Explanation:

Quantity demanded is the amount that a customer requested from a supplier or a producer at a given time, it is an economic term which tries to show the Relationship between the price of a commodity and the amount requested.

Quantity supplied is the amount which a supplier or a producer was able to give out to a customer at a given price in a given period of time.

Answer 2

Answer:Please refer to the explanation section

Explanation:

The question is incomplete, we need a diagram (graphs) or demand and supply equations to determine the quantity demanded and quantity supplied if the price is $25, to illustrate how to determine quantity demanded and quantity supplied from using equations. Let us assume Quantity Demanded is given by Qd = 800 - 12p and quantity supplied is given by Qs = 20p

Price = $25

Quantity Demanded (Qd) = 800 - 12p

Quantity Demanded (Qd) = 800 - 12(25) = 500 units

Quantity Supplied (Qs) = 20p

Quantity Supplied (Qs) = 20(25) = 500 units

in this case answer would be A