Illustrate wat would happen if suppliers set the price

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Reference no: EM1364285

Suppose the market demand for pizza is given by Qd = 300 - 20P and the market supply for pizza is given by Qs = 20P - 100, where P = price (per pizza). In equilibrium, how many pizzas would be sold and at what price? Illustrate wat would happen if suppliers set the price of pizza at $15? Explain the market adjustment process.

Reference no: EM1364285

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