Hello,

Can someone please help me with these multiple choice economics questions?

Question 13 The diagram shows the demand and the supply curves for a second-hand textbook. The curves intersect at (Q, P) = (24, 8). Which of the following is correct? Not yet saved 20 Marked out of 1.00 Flag 15 Supply curve question Price, P ($) 10 P 5 Demand curve 10 15 20 Q* 25 30 35 40 45 Quantity of books, Q Select one: O a. If the price is 5, there is excess supply. O b. There is no equilibrium price and quantity in the market of second-hand goods. O c. If the price is 8, the market clears. O d. The equilibrium quantity is 40. O e. If the price is 15, the buyers have an incentive to bid higher.Question 14 Not yet saved Marked out of 1.00 V Flag question Which statement correctly describes price-setting and price-taking firms? Select one: Oa. Ob. Do. Do. Oe. The pricesetting firm chooses a quantity at which the price is higher than the marginal cost. The pricesetting firm maximises its profit, whereas the price-taking firm chooses an output level that generates zero economic profits. The price-taking firms have more incentive to advertise their products in comparison to the price-setting rms. The pricetaking firm chooses a quantity at which the price is less than the marginal cost. In a market with price-setting rms, the total surplus is maximised