Assume the market for oil is perfectly competitive, with the following market demand and supply curv
Question: Assume the market for oil is perfectly competitive, with the following market demand and supply curves:
QD = 100 - P QS = -50 + 2P
a. Find the equilibrium price and quantity for this market.
b. Calculate consumer and producer surplus in this competitive equilibrium.
Price: $2.99
Answer: The solution consists of 1 page
Deliverables: Word Document
Deliverables: Word Document
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