The following equations represent the demand and supply for bird feeders.
QD = 35 - P
QS = -5 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bird feeders?
- P = $35; Q = 20 thousand
- P = $10; Q = 25 thousand
- P = $20; Q = 20 thousand
- P = $5; Q = 30 thousand