Final answer:
The competitive equilibrium price in the mentioned market, determined by setting the demand function equal to the supply function and solving for the price ‘p’, is $30.
Step-by-step explanation:
To find the competitive equilibrium price in a market where demand is D(p) = 80 − p, and market supply is S(p) = 2p − 10, we set the demand equal to supply.
D(p) = S(p)
80 − p = 2p − 10.
Now we solve for p by adding p to both sides and adding 10 to both sides:
80 = 3p − 10
90 = 3p
p = 30.
Therefore, the competitive equilibrium price is $30.