Suppose that the demand curve for a good is given by Q_D = 100 - 2P_D,while the supply curve for the good is given by Q_S = 60 + 2P_S.If the price in this market is currently equal to 20,then the quantity demanded is ______ and the quantity supplied is _____.

Question

Quizplus · Accepted Answer

To find the quantity demanded, we need to plug in the given price of 20 into the demand equation:
QD = 100 - 2(20) = 100 - 40 = 60
Therefore, the quantity demanded is 60.
To find the quantity supplied, we need to plug in the given price of 20 into the supply equation:
QS = 60 + 2(20) = 60 + 40 = 100
Therefore, the quantity supplied is 100. 
The only answer choice that matches these quantities is D, where the quantity demanded is 60 and the quantity supplied is 100.

Suppose That the Demand Curve for a Good Is Given