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Use the following information to answer the next five questions.Market for flat-screen TVs: Demand: Qd = 2,600 – 5P Supply: Qs = -1,000 + 10P
5. What is the equilibrium quantity and equilibrium price for flat-screen TVs? a. Q*=240 and P*=1,400 b. Q*=140 and P*=114 c. Q*=24 and P*=100 d. Q*=1,400 and P*=240 e. Q*=1,600 and P*=200
6. What would be the quantity demanded if a price ceiling is set at $150? a. 1,850 b. 240 c. 1,350 d. 260 e. 500
7. What would be the quantity demanded if a price floor is set at $300? a. 1,100 b. 900 c. 200 d. 240 e. 2,000
8. What would be the quantity supplied if a price ceiling is set at $400? a. 600 b. 240 c. 2,400 d. 0 e. 3,000
9. What would be the quantity demanded if a price floor is set at $100? a. 2,100 b. 2,400 c. 0 d. 1,400 e. 700
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