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A competitive market with demand Q = 560 - 5P and supply P = 10 + Q is in equilibrium. If government imposes a price ceiling of 100, what quantity will be traded on the market? 60 70 80 85 100

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Economics
A competitive market with demandQ = 560 - 5P and supply P = 10 + Q is in equilibrium. If government
imposes a price ceiling of 100, what quantity will be traded on the market?
60
70
80
85
100

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