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A Market Can Be Described by the Equations Qd =

Question 19

Multiple Choice

A market can be described by the equations Qd = 50 - 3P and Qs = 2P. What are the equilibrium price and quantity in this market?


A) The equilibrium price is $20 and the equilibrium quantity is 10 units.
B) The equilibrium price is $50 and the equilibrium quantity is 100 units.
C) The equilibrium price is $30 and the equilibrium quantity is 10 units.
D) The equilibrium price is $10 and the equilibrium quantity is 20 units.

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