Suppose the demand and supply curve of commodity X in a perfectly competitive market are given by:
`q^(D)=700-p`
`q^(S)=500+3p " for "pge15`
`=0 " for " 0 leplt15`
Assume that the market consists of identical firms. Identify the reason behind the market supply of commodity X being zero at any price less than rupee 15. What will be the equilibrium price for this commodity? At equilibrium, what quantity of X will be produced?