Suppose the Price P of Bolts Is Related to the Quantity

Multiple Choice

Suppose the price p of bolts is related to the quantity q that is demanded by: $p = 620 - 4 q ^ { 2 }$ where q is measured in hundreds of bolts. Suppose the supply function for bolts is given by $p = 4 q ^ { 2 }$ where q is the number of bolts (in hundreds) that are supplied at price p. Find the equilibrium price.

A) $620
B) $310
C) $9
D) $325