The following equations represent the demand and supply for kumquats
QD = 60 - 3P
QS = -20 + 5P
What is the equilibrium price (P) and quantity (Q - in thousands) of kumquats?
A) P = $20; Q = 10 thousand B) P = $5; Q = 20 thousand
C) P = $30; Q = 5 thousand D) P = $10; Q = 30 thousand
D
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