Suppose there are 2 firms in the market. The supply for firm 1 is q1 = -20 + 2p and the supply for firm 2 is q2 = -40 + 2p. Which of the below represents the market supply (Q):Group of answer choicesQ = -60 + 4p for p < 20 and Q = -30 + p for p  ≥ 20Q = -60 + 4p for p > 20 and Q = -20 + 2p for 10< p ≤ 20Q = -60 + 4pQ = -60 + 4p for p > 40 and Q = -20 + 2p for p  ≤ 40Q = -60 + 4p for p > 20 and Q = -40 + 2p for 10< p ≤ 20

The demand and supply functions for different firms are given belowi) Qd = 200 – 2PQs= - 20 + 2Pii) Qd = 51 – 3PQs = -4 +8PDetermine the equilibrium price and equilibrium quantity for each firm

uppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the equilibrium quantity?Group of answer choices20406080

In a market the demand curve is given by P = 100 –2q and supply by P =2q. What are the equilibrium price and quantity traded? Group of answer choicesP* = 25, q* = 25P* = 100, q* = 50P* = 50, q* = 50P* = 50, q* = 25None of the above.

Consider a perfectly competitive market for frozen meals. The demand for frozen meals is given by Pd=100-Q and the supply of frozen meals is given by Ps=10+2Q. Which of the answers below is true? Group of answer choicesIf P=50, then there is excess supplyIf P=50, then there is excess demandIf P=80, there is no excess supply and no excess demandIf P=80, the market is at its equilibrium stateNone of the other answers are correct

In a market there are two consumers. Each consumer has a demand curve of P = 10–0.5q. What is the market demand curve? Group of answer choicesP = 10 – QP = 10 – 0.25QP = 20 – QP = 10 – 2QP = 20 – 0.5Q