Consider a Market Characterized by the Following Inverse Demand and Supply

question 72

Multiple Choice

Consider a market characterized by the following inverse demand and supply functions: P_X = 10 - 2Q_X and P_X = 2 + 2Q_X. Compute the equilibrium price and quantity in this market.

• A)$24 and 24 units, respectively.
• B)$4 and 4 units, respectively.
• C)$2 and 6 units, respectively.
• D)$6 and 2 units, respectively.

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