Final answer:
The equilibrium quantity and price in this market are $40 and 20 units, respectively.
Step-by-step explanation:
The equilibrium quantity and price in this market can be determined by setting the quantity demanded and quantity supplied equations equal to each other and solving for price and quantity. The demand equation is Qd = 60 - P and the supply equation is Qs = 1.0P - 20. By setting Qd equal to Qs and solving for P, we can find the equilibrium price. Substituting the equilibrium price back into either the demand or supply equation will give us the equilibrium quantity. Solving these equations, we find that the equilibrium price is $40 and the equilibrium quantity is 20 units.