The Demand and Supply Functions for Your College Newspaper Are $\begin{array} { l } q = - 14,000 p + 5,000 \\q = 4,000 p + 500\end{array}$

The demand and supply functions for your college newspaper are listed in order below: $\begin{array} { l } q = - 14,000 p + 5,000 \\q = 4,000 p + 500\end{array}$
Here $p$ is the price in dollars, and $q$ represents the quantity of papers that consumers will buy, or that the paper can produce. At what equilibrium price should the newspapers be sold so that there is neither a surplus nor a shortage of papers

A) 25 cents per paper
B) 3 cents per paper
C) 1 cents per paper
D) 4 cents per paper
E) 2 cents per paper

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free