Market Demand Is Given as Qd = 40 - 2P

Multiple Choice

Market demand is given as Qd = 40 - 2P.Market supply is given as Qs = 2P.In a perfectly competitive equilibrium, what will be price and quantity traded in the market?  

A)  Price will be $20, and quantity will be 10. 
B)  Price will be $20, and quantity will be 40. 
C)  Price will be $10, and quantity will be 20. 
D)  Price will be $40, and quantity will be 20.