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Assume that the market demand and the market supply are governed by the following equations:

Qd=80-4P

Qs=6P

i) Is the demand consistent with the law of demand?

ii) Is the supply consistent with the law of supply?

iii) What would be the equilibrium price and quantity in this market?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M937722

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