The following equations represent the demand and supply for bottles of nail polish. QD = 25 - P
QS = -15 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bottles of nail polish?
A) P = $5; Q = 20 thousand
B) P = $15; Q = 30 thousand
C) P = $20; Q = 5 thousand
D) P = $10; Q = 15 thousand
Correct Answer:
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