Consider a market characterized by the following demand and supply conditions: PX = 15 – 2QX and PX = 3 + 2QX. The equilibrium price and quantity are, respectively,
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Consider a market characterized by the following demand and supply conditions: PX = 15 - 2QX and PX = 3 + 2QX. The equilibrium price and quantity are, respectively, $9 and 3 units.