The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P. Suppose the economy is closed. The equilibrium price of a car is ________ and equilibrium quantity is____.
A. $8,000; 12,000
B. $6,000; 14,000
C. $12,000; 8,000
D. $10,000; 10,000
Answer: D
Economics
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