Suppose that the market for corn is initially in equilibrium and is perfectly competitive.The demand curve can be expressed as ; the supply curve can be expressed as Quantity is expressed in millions of bushels.What is the equilibrium quantity traded and price in this market?
A) Q = 8; P = 2
B) Q = 2; P = 8
C) Q = 7; P = 3
D) Q = 3; P = 7

Question

Suppose that the market for corn is initially in equilibrium and is perfectly competitive.The demand curve can be expressed as  ; the supply curve can be expressed as  Quantity is expressed in millions of bushels.What is the equilibrium quantity traded and price in this market?
A) Q = 8; P = 2 
B) Q = 2; P = 8 
C) Q = 7; P = 3 
D) Q = 3; P = 7

Quizplus · Accepted Answer

The Answer of Suppose that the market for corn is initially in equilibrium and is perfectly competitive.The demand curve can be expressed as  ; the supply curve can be expressed as  Quantity is expressed in millions of bushels.What is the equilibrium quantity traded and price in this market?
A) Q = 8; P = 2 
B) Q = 2; P = 8 
C) Q = 7; P = 3 
D) Q = 3; P = 7

Suppose That the Market for Corn Is Initially in Equilibrium