Market demand is given as Q_D= 80 - P.Market supply is given as Q_S= 3P.In a perfectly competitive equilibrium,what will be price and quantity traded in the market

Name: Market demand is given as Q D = 80 - P.Market supply is given as Q S = 3P.In a perfectly competitive equilibrium,what will be price and quantity traded in the market
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Quizplus · Accepted Answer

In equilibrium, Q_D = Q_S. Setting 80 - P = 3P, we solve for P to get P = $20. Substituting P = 20 into either equation gives Q = 60.

Market Demand Is Given as QD = 80 - P

Market Demand Is Given as Q_D= 80 - P