Assume the demand function for mountain bikes is given by QD = 20,000 – 10P + 0.2I, where P = price of a mountain bike, and I = average income of consumers. Also, assume the supply function of mountain bikes is given by QS = 20 P. If the market for mountain bikes is perfectly competitive, and the average income of consumers is $20,000, what are the equilibrium price and quantity in this market? Question 2 options: The equilibrium price is $1,600, and 32,000 mountain bikes are traded. The equilibrium price is $800, and 16,000 mountain bikes are traded. The equilibrium price is $16,000, and 800 mountain bikes are traded. The equilibrium price is $800, and 32,000 mountain bikes are traded.