Let the supply curve for gasoline be P=2Q; the demand curve is P=$10-Q. What would happen in this market if price was fixed at $6? O Shortage of 1. O Equilibrium at Q=3. O Shortage of 4. O None of the above. O Surplus of 8.
Let the supply curve for gasoline be P=2Q; the demand curve is P=$10-Q. What would happen in this market if price was fixed at $6? O Shortage of 1. O Equilibrium at Q=3. O Shortage of 4. O None of the above. O Surplus of 8.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Option b: This option is correct or incorrect because
Option c: This option is correct or incorrect because
Option d: This option is correct or incorrect because
Transcribed Image Text:Let the supply curve for gasoline be P=2Q; the demand curve is P=$10-Q. What would happen in this market if price was fixed at $6?
Shortage of 1.
Equilibrium at Q=3.
Shortage of 4.
O None of the above.
O Surplus of 8.
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