The demand and supply equations for a commodity are given...
The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as
P = 12, Q = 16
P = 15, Q = 10
P = 12, Q = 14
P = 16, Q = 12
Correct answer is D
No explanation has been provided for this answer.
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