Demand and supply curves can be represented with equations. If Qd = 90 - 2P and Qs = P, then equilibrium price P* and equilibrium quantity Q* are a. P* = 30, Q* = 30 b. P* = 30, Q* = 60 c. P* = 60, Q* = 60 d. P* = 60, Q* = 30
Demand and supply curves can be represented with equations. If Qd = 90 - 2P and Qs = P, then equilibrium price P* and equilibrium quantity Q* are a. P* = 30, Q* = 30 b. P* = 30, Q* = 60 c. P* = 60, Q* = 60 d. P* = 60, Q* = 30
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Demand and supply
a. P* = 30, Q* = 30
b. P* = 30, Q* = 60
c. P* = 60, Q* = 60
d. P* = 60, Q* = 30
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