Demand for a Good Is Given By: Q_D = 100

Multiple Choice

Demand for a good is given by: Q_D = 100 - P and supply by Q_S = .5P - 20, where P is the market price of the good. In equilibrium, price and output under perfect competition will be:

A) $60 and 10 units respectively.
B) $80 and 20 units respectively.
C) $70 and 30 units respectively.
D) $100 and 30 units respectively.
E) $120 and 35 units respectively.