Market demand is given as Qd = 400 - 2P. Market supply is given as Qs = 3P + 100. In a perfectly competitive equilibrium, what will be price and quantity?
A) Price will be $1 and quantity will be 500.
B) Price will be $30 and quantity will be 140.
C) Price will be $60 and quantity will be 280.
D) Price will be $100 and quantity will be 200.
Correct Answer:
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