Market demand is given as Qd = 250 - .5P. Market supply is given as Qs = 2P. In a perfectly competitive equilibrium, what will be price and quantity traded in the market?
A) price will be $200 and quantity will be 150
B) price will be $35 and quantity will be 70
C) price will be $100 and quantity will be 200
D) price will be $150 and quantity will be 300
Correct Answer:
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