A1) Consider a perfectly competitive market. The industry demand curve is QD = 120 – 20P. The industry supply curve is Qs = 20P. What are the equilibrium price and quantity for this market? a) P°=3, Q'=60 b) P°=6, Q`=30 c) P'=6, Q`=0 d) P°=0, Q=120 e) None of the above

A1) Consider a perfectly competitive market. The industry demand curve is QD = 120 – 20P. The industry supply curve is Qs = 20P. What are the equilibrium price and quantity for this market? a) P°=3, Q'=60 b) P°=6, Q`=30 c) P'=6, Q`=0 d) P°=0, Q=120 e) None of the above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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