The demand for pickles is given by p  131  2q and the supply is given by p  5  7q.What is the equilibrium quantity?

A) 11
B) 14
C) 19
D) 103
E) None of the above.

Demand Function

A mathematical representation showing the relationship between product demand and various factors like price, income, and preferences.

Supply Function

A relation that shows the quantity of a good or service that producers are willing and able to sell at each possible price, holding all other factors constant.

Equilibrium Quantity

The quantity of a good or service at which supply equals demand, and the market is in balance, without any excess supply or shortage.