Suppose That the Market for Cigarettes Is Initially in Equilibrium $P = 60 - Q ^ { d }$

question 81

Multiple Choice

Suppose that the market for cigarettes is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as $P = 60 - Q ^ { d }$ ; the supply curve can be expressed as $P =$ $0.5 Q ^ { s }$ . Quantity is expressed in millions of boxes per month. What are the amount traded and the price for this market?

• A) \(Q = 40 ; P = 20\)
• B) \(Q = 20 ; P = 40\)
• C) \(Q = 30 ; P = 30\)
• D) \(Q = 30 ; P = 15\)

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