Question

The demand for apples in the United States is Upper Q Subscript US Baseline equals 800 minus 20 Upper P​, and foreign demand for apples is Upper Q Subscript Upper F Baseline equals 1200 minus 40 Upper P​, where quantity demanded is measured in millions of bushels and price is in dollars per bushel. The world demand for apples is therefore A. Upper Q equals 400 plus 20 Upper P for all prices.. B. Upper Q equals 400 minus 20 Upper P when P is​ $20 or less. C. Upper Q equals 2000 minus 20 Upper P when P is​ $30 or less. D. Upper Q equals 2000 minus 60 Upper P when P is​ $30 or less. Your answer is correct. The world supply of apples is Upper Q Subscript Upper S Baseline equals 200 plus 30 Upper P. ​ Therefore, the world equilibrium price for apples is ​$ nothing per bushel and the equilibrium quantity of apples is nothing million bushels. ​(Enter your responses as​ integers.)

Answer 1

D. Upper Q equals 2000 minus 60 Upper P when P is​ $30 or less.

Step-by-step explanation:

The demand for goods and services is dependent on the market price. If the demand for specific goods is higher, there will be an increase in the price of the goods if the supply is low. However, if the demand for the goods is low and the supply is high, there will be a decrease in the price of the goods. Based on the information provided, the correct answer is option D.