Suppose That the Market for Corn Is Initially in Equilibrium $P = 10 - Q ^ { d }$

question 38

Multiple Choice

Suppose that the market for corn is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as $P = 10 - Q ^ { d }$ ; the supply curve can be expressed as $P = 0.25 Q ^ { s }$ . Quantity is expressed in millions of bushels. What is the equilibrium quantity traded and price in this market?

• A) Q = 8; P = 2
• B) Q = 2; P = 8
• C) Q = 7; P = 3
• D) Q = 3; P = 7

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