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* = 10, Q* = 90
B. P* = 80, Q* = 20
C. P* = 20, Q* = 80
D. P* = 40, Q* = 140
Answer: C
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