Suppose that market demand Q, and supply functions are given by: Q=100-2P Q=50+2P The market equilibrium price and quantity are: a. P=75, Q=12.5 b. P 12.5, Q=75 c. P=25, Q=15 d. P 15, Q=25

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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.