Assume that in the market for bottled water, the market supply is Q_S = 14 + 20P and the market demand is Q_D = 74 - 10P. This means that the equilibrium quantity is A) 2 B) 54 C) 6 D) none of the above

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Quizplus · Accepted Answer

To find the equilibrium quantity, we need to set the market supply equal to the market demand: 14 + 20P = 74 - 10P Simplifying: 30P = 60 P = 2 Now, we can plug P = 2 into either the market supply or demand equation to find the equilibrium quantity: Q_S = 14 + 20(2) = 54 Therefore, the equilibrium quantity is 54.

Assume That in the Market for Bottled Water, the Market