(4) Market Equilibrium occurs at the Price (P) where the Quantity of Goods Supplied (Qs) is equal to the Quantity of Goods Demanded ( Qd) and hence 28,000 – 1000P = 13,000 + 2,000P .

Using this equalization, please solve for P to find the equilibrium price. At this equilibrium price, what is the equilibrium quantity?

Explanation & Answer length: 1 Question

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