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    Question

    If the market demand is given by Q=250-50p

    and supply Q=25p+25 then what is equilibrium price in market
    A 5 Correct Answer Incorrect Answer
    B 3 Correct Answer Incorrect Answer
    C 25 Correct Answer Incorrect Answer
    D 50 Correct Answer Incorrect Answer

    Solution

    At equilibrium,

    250-50p = 25p+25

    Solving the equation, p= 3

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