Consider a perfectly competitive market described by the demand function P 80 0.3Q and supply function P 20+0.1Q. The equilibrium price and quantity are: O P-$35 and Q-150 P = $65 and Q = 150 P-S26 and Q-60 P-$28 and Q-80 2.5 pts Question 7 that may be chargedl upon a good If the government imposes a binding price floor (i.e, a minimum price that may be charged) upon a good that is produced and traded in a perfectly competitive market, then relative to the initial (unregulated) market equilibrium: the quantity of the good that consumers are willing to purchase will increase 25 MacBook Air