In a competitive market, the market demand is Qd = 60 – 6P and the market supply is Qs = 4P. The full economic price under a price ceiling of $3 is
Note
In a competitive market, the market demand is Qd = 60 - 6P and the market supply is Qs = 4P. The full economic price under a price ceiling of $3 is 8 .