The market for soda is characterized by the following supply and demand functions: Supply: Qs = 90+ 3p Demand: Qp = 160 – 7p, where Qs stands for quantity supplied (number of bottles), Q p stands for quantity demanded (number of bottles), and p stands for price (per bottle). The equilibrium price in the market for soda is $ per bottle.

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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.