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Use the Following Demand and Supply Functions to Answer the Following

Question 7

Multiple Choice

Use the following demand and supply functions to answer the following. Demand: Qd=504PQ _ { d } = 50 - 4 P Supply: Qs=20+2PQ _ { s } = 20 + 2 P
-Equilibrium price and output are


A) P = $5 and Q = 70.
B) P = $11 and Q = 3.32.
C) P = $12 and Q = 44.
D) P = $15 and Q = 50.
E) none of the above

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