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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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