Consider a competitive market with aggregate demand function QD = 180 - 3p and aggregate supply function QS = 3p, where p is the price and QD and QS are %3D %3D the demanded and supplied quantity, respectively. One of the following statements is true. Which statement is true? A The market equilibrium is (p = 20, Q = 60). The market equilibrium is (p = 30, Q = 90). %3D C The market equilibrium is (p = 50, Q = 30).

Consider a competitive market with aggregate demand function QD = 180 - 3p and aggregate supply function QS = 3p, where p is the price and QD and QS are %3D %3D the demanded and supplied quantity, respectively. One of the following statements is true. Which statement is true? A The market equilibrium is (p = 20, Q = 60). The market equilibrium is (p = 30, Q = 90). %3D C The market equilibrium is (p = 50, Q = 30).

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.3P

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