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

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) $Q = 3 ; P = 7$