Market research has revealed the following information about the market for pizza: The demand schedule can be represented by the equation Qd= 380 – 20P, where Qd is the quantity demanded and P is the price. The supply schedule can be represented by the equation Qs = -120 + 30P, where Qs is the quantity supplied. Calculate the equilibrium price and quantity in the market for pizza.

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.