If the Demand Schedule May Be Written P = 100

Multiple Choice

If the demand schedule may be written P = 100 - 4Q, and the supply schedule P = 40 + 2Q, then the market clearing price and quantity are:

A) P = 60, Q = 10.
B) P = 10, Q = 6.
C) P = 40, Q = 6.
D) P = 20, Q = 20.
E) none of the above.