Equilibrium happens in a market when quantity supplied (Qs) equals quantity demanded (Qp). Use this result to solve for equilibrium if the demand curve is QD = 40-3P and the supply curve is Qs = 12 + P. %3D Select one: O a. P = 5, Q = 40 O b. P = 5, Q = 20 O c. P = 15, Q = 7 d. P = 7, Q = 19
Equilibrium happens in a market when quantity supplied (Qs) equals quantity demanded (Qp). Use this result to solve for equilibrium if the demand curve is QD = 40-3P and the supply curve is Qs = 12 + P. %3D Select one: O a. P = 5, Q = 40 O b. P = 5, Q = 20 O c. P = 15, Q = 7 d. P = 7, Q = 19
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 8WNG
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Transcribed Image Text:Equilibrium happens in a market when quantity supplied (Qs) equals quantity
demanded (Qp). Use this result to solve for equilibrium if the demand curve is
QD = 40- 3P and the supply curve is Qs = 12 + P.
Select one:
O a. P = 5, Q = 40
O b. P = 5, Q = 20
O c. P = 15, Q =7
d. P = 7, Q = 19
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HW Unit 5 DUE March 10
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