The demand curve is P = 700 - 20QD. The supply curve is P = 300 + 20QS. At market equilibrium, the equilibrium quantity is ________ and the equilibrium price is ________.

Name: The demand curve is P = 700 - 20QD. The supply curve is P = 300 + 20QS. At market equilibrium, the equilibrium quantity is ________ and the equilibrium price is ________.
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Question

Quizplus · Accepted Answer

At equilibrium, demand equals supply: 700 - 20QD = 300 + 20QS. Solving for Q, we get Q = 10. Substituting Q = 10 into either equation gives P = 500.

The Demand Curve Is P = 700 - 20QD