The following two linear functions represent a market (thus one is a supply function, the other a demand function). Circle the answer closest to being correct. Approximately what will suppliers willingly supply if the government controls the market price to be $3.00 (You must first find the market equilibrium price and quantity in order to see how the $3.00 relates to them)?
Q = 100 - 4.6P and Q = 75 + 6.2P
1. 2.3 84.3 86.2 89.3 93.1 93.6 (all close, but approximate) Circle the Best Answer