The market for bagels in San Francisco is perfectly competitive. Presently, the daily demand for bagels in San Francisco is Q d = 15,000 - 5,000P, and the supply of bagels is Q s = 10,000P, where P is the price of bagels and quantities Q d and Q s , respectively, are the number of bagels bought and sold each day. The figure below shows the demand and supply curves for bagels in San Francisco.

-The competitive equilibrium price of bagels in San Francisco is $_______ and the equilibrium quantity is ___________ bagels per day.

Question

The market for bagels in San Francisco is perfectly competitive. Presently, the daily demand for bagels in San Francisco is Q d = 15,000 - 5,000P, and the supply of bagels is Q s = 10,000P, where P is the price of bagels and quantities Q d and Q s , respectively, are the number of bagels bought and sold each day. The figure below shows the demand and supply curves for bagels in San Francisco.
 
-The competitive equilibrium price of bagels in San Francisco is $_______ and the equilibrium quantity is ___________ bagels per day.

Quizplus · Accepted Answer

The Answer of The market for bagels in San Francisco is perfectly competitive. Presently, the daily demand for bagels in San Francisco is Q d = 15,000 - 5,000P, and the supply of bagels is Q s = 10,000P, where P is the price of bagels and quantities Q d and Q s , respectively, are the number of bagels bought and sold each day. The figure below shows the demand and supply curves for bagels in San Francisco.
 
-The competitive equilibrium price of bagels in San Francisco is $_______ and the equilibrium quantity is ___________ bagels per day.

The Market for Bagels in San Francisco Is Perfectly Competitive