Question Given the price-demand and price-supply equations below, determine the equilibrium price and find the producers' surplus at the equilibrium price level. D(x)=p=18−0.02x S(x)=p=3+0.03x   Select the correct answer below: The equilibrium price is $12. The producers' surplus is $1350 The equilibrium price is $16. The producers' surplus is $1350 The equilibrium price is $12. The producers' surplus is $1250 The equilibrium price is $16. The producers' surplus is $1250

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