Question: Consider the market for lemmons. The demand function is given by Q subscript d equals 1200 minus P and the supply function is given by

Consider the market for lemmons. The demand function is given by Q subscript d equals 1200 minus P and the supply function is given by Q subscript s equals 2 P, where Q subscript d and Q subscript s represent the quantity demanded and the quantity supplied, respectively, while P represents the unit price. The equilibrium price and quantity in this market are: a. P equals 400 comma space Q equals 800. b. P equals 800 comma space Q equals 400. c. P equals 200 comma space Q equals 200. d. P equals 450 comma space Q equals 450

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