STEP: 1 of 2 Suppose that a market is described by the following supply and demand equations: Qs = 2P QD = 180 - P The equilibrium price in this market is $ , and the equilibrium quantity is units. Suppose that a tax of T is placed on buyers, so the new demand equation is as follows: QD = 180 - (P + T) The new equilibrium price is 60 - , and the new equilibrium quantity is 120 -2T The price received by sellers , the price paid by buyers , and the quantity sold decreases TOTAL SCORE: 0/7 Grade Step 1 increases