As described in the assigned readings, assume a market is described by the following functions: Qs = 10 + 2P and QD = 20 - 3P what is the equilibrium price and equilibrium quantity?

Choose from:

P = 1, Q = 12

P = 2, Q = 14

P = 6, Q = 2

P = 30, Q = 30

None of the above