Suppose the market demand curve is given by Qd = 80 - 10P, and the market supply curve is given by Qs = 10 + 15P. What is the equilibrium price and quantity?

A. P* = $2.80 and Q* = 54
B. P* = $2.80 and Q* = 52
C. P* = $2.60 and Q* = 54
D. P* = $3.00 and Q* = 55


Answer: B

Economics

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