Suppose there are two consumers in the market for a good, consumer 1's inverse demand function is p=80 – 29, and consumer 2's inverse demand function is p= 36 – q2 Suppose further that the inverse market supply is p= 20 + q. What is the competitive equilibrium? O a Competitive equilibrium price is 28 and competitive equilibrium quantity is 8 Ob. Competitive equilibrium price is 40 and competitive equilibrium quantity is 8 OC Competitive equilibrium price is 40 and competitive equilibrium quantity is 20 Od. Competitive equilibrium price is 28 and competitive equilibrium quantity is 20

Suppose there are two consumers in the market for a good, consumer 1's inverse demand function is p=80 – 29, and consumer 2's inverse demand function is p= 36 – q2 Suppose further that the inverse market supply is p= 20 + q. What is the competitive equilibrium? O a Competitive equilibrium price is 28 and competitive equilibrium quantity is 8 Ob. Competitive equilibrium price is 40 and competitive equilibrium quantity is 8 OC Competitive equilibrium price is 40 and competitive equilibrium quantity is 20 Od. Competitive equilibrium price is 28 and competitive equilibrium quantity is 20

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.11P

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