Consider a Market Characterized by the Following Inverse Demand and Supply

Multiple Choice

Consider a market characterized by the following inverse demand and supply functions: P_X = 10 − 2Q_X and P_X = 2 + 2Q_X. Compute the equilibrium price and quantity in this market.

A) $24 and 24 units, respectively
B) $4 and 4 units, respectively
C) $2 and 6 units, respectively
D) $6 and 2 units, respectively