Market demand is given as Qd = 75 - P.Market supply is given as Qs = 3P + 15.In a perfectly competitive equilibrium,what will be the quantity?

Name: Market demand is given as Qd = 75 - P.Market supply is given as Qs = 3P + 15.In a perfectly competitive equilibrium,what will be the quantity?
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Question

Quizplus · Accepted Answer

At equilibrium, Qd = Qs
So, 75 - P = 3P + 15
Or, 4P = 60
Or, P = 15
Putting P = 15 in either Qd or Qs formula, we get Q = 60, which is the equilibrium quantity. Hence, the answer is B.

Market Demand Is Given as Qd = 75 - P