A good's Demand Curve is QD = 25 - P, and its Supply Curve is QS = 10 + 2P
a. When P = $20, what is the difference, if any, between QD and QS?
b. When P = $3, what is the difference, if any, between QD and QS?
c. What are the equilibrium values of P and Q?
a. QD = 5 and QS = 50
b. QD = 22 and QS = 16
c. Q = 20 and P = $5
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