Let demand be given by P = 10 - Q; let supply be given by P = Q. What is the equilibrium price?

Name: Let demand be given by P = 10 - Q; let supply be given by P = Q. What is the equilibrium price?
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Question

Quizplus · Accepted Answer

Equilibrium price is where demand equals supply:

10 - Q = Q

Solving for Q,

Q = 5

Using the supply function to find the equilibrium price,

P = 5

Therefore, the equilibrium price is 5, which is answer choice B.

Let Demand Be Given by P = 10 - Q;