If the Qd = (18 million)- (3 million × P)and QS = (0)+ (3 million × P), the equilibrium price for the product is ________.

Name: If the Qd = (18 million)- (3 million × P)and QS = (0)+ (3 million × P), the equilibrium price for the product is ________.
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Question

Quizplus · Accepted Answer

The equilibrium price is found where quantity demanded (Qd) equals quantity supplied (QS). Setting Qd equal to QS gives: (18 million) - (3 million × P) = (3 million × P). Solving for P gives P = $3.

If the Qd = (18 Million)- (3 Million × P)and