Suppose the market supply for milk is Qs=2+P and demand is Qd=20-P. Find the equilibrium
quantity and price. How much quantity consumer buy at the equilibrium price?also tell the statement is true or false?
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In this case, the equilibrium occurs at a price of $1.40 per gallon and at a quantity of 600 gallons. You can see this in Figure 2 (and Figure 1) where the supply and demand curves cross. You can also find it in Table 1 (the numbers in bold).
Explanation:
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