Suppose quantity demanded is given by Qd = 100 - P, and quantity supplied is given by Qs = 20 + 3P. In this case, equilibrium price, P*, and equilibrium quantity, Q*, are as follows:
A. P*= 80, Q*= 20
B. P*= 20, Q*= 80
C. P*= 10, Q*= 90
D. P*= 40, Q*= 140
Answer: B
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