Suppose the annual demand for gasoline as motor fuel in the US can be represented by the demand curve: Qd=125 - 10*P, where Qd is the quantity measured in billions of gallons, P is the price in dollars per gallon, and the supply curve is: Qs=-100 + 40*P .
C) What is the equilibrium quantity of gasoline, in billions of gallons per year? The equilibrium quantity is
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