Answer: Option (c) is correct
Step-by-step explanation:
Slope of demand curve is negative and slope of supply curve is positive in both the models.
But labeling of axis is different in both the models. In the short-run macroeconomic model, y-axis represents the price level whereas x-axis represents the GDP.
While in the standard model for markets, y-axis shows the general price level whereas x-axis represents the output level.
B. Is the correct answer. For part B, he can buy 15 balloons since X=15. Plug this back into the equation to check: 2(15)+20=50.
2(15)=30+20=50.