Market demand is given as Qd = 220 - 4P. Market supply is given as Qs = 2P + 40. In a perfectly competitive equilibrium, what will be price and quantity traded in the market?
A) price will be $100 and quantity will be 240
B) price will be $30 and quantity will be 100
C) price will be $45 and quantity will be 130
D) price will be $130 and quantity will be 300
Correct Answer:
Verified
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