The market demand curve for a perfectly competitive industry is QD = 12 – 2P. The market supply curve is QS = 3 + P. The market will be in equilibrium at _____?
- P = 3 and Q = 6
- P = 6 and Q = 0
- P = 5 and Q = 2
- None of these
Explanation
To find the market equilibrium, set QD = QS:12 - 2P = 3 + P
Rearrange the equation:
3P = 9
P = 3
Now, substitute P = 3 into either QD or QS:
QS = 3 + P
= 3 + 3
= 6
So, the market equilibrium is at P = 3 and Q = 6.
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