Consider that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedule is as follows Price Quantity Demanded Quantity Supplied ($) (# of tickets) (# of tickets) 4 10000 7000 8 8000 7000 12 7000 7000 16 3000 7000 20 2000 7000 What are the equilibrium price and quantity of tickets? $16 and 3000 tickets. $8 and 8000 tickets. $12 and 7000 tickets. None of these answers.

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