Suppose demand can be described with the equation Q = 900 − 5P and supply with the equation Q = 100 + 5P.Complete the following table.Determine the equilibrium price and quantity.
Definitions:
Market System
An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
Private Ownership
The holding of property by non-governmental legal entities or individuals, allowing control and use of the property according to the owner's preferences.
Dollar Votes
The “votes” that consumers cast for the production of preferred products when they purchase those products rather than the alternatives that were also available.
Product Market
A marketplace where final goods or services are bought and sold by consumers, businesses, and the government.
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