Answered: A good is traded on a perfectly…

A good is traded on a perfectly competitive market. Demand D is given by: D = 100 - p and supply S by: S = 3p p is the price of the good. What is the equilibrium price? 5 15 25 35

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

QUESTION 3

A good is traded on a perfectly competitive market.
Demand D is given by: D = 100 - p
and supply S by: S = 3p
p is the price of the good.

What is the equilibrium price?

5
15
25
35

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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