Market demand is given as Qd = 120-P. Market supply is given as Qs = 4P. What would result if the market price were $15? Select one: a. a surplus of 45 O b. a shortage of 60 C. a shortage of 45 Od. a surplus of 60
Market demand is given as Qd = 120-P. Market supply is given as Qs = 4P. What would result if the market price were $15? Select one: a. a surplus of 45 O b. a shortage of 60 C. a shortage of 45 Od. a surplus of 60
Chapter4: Demand, Supply, And Markets
Section: Chapter Questions
Problem 3.4P
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Transcribed Image Text:Market demand is given as Qd = 120-P. Market supply is given as Qs = 4P. What would
result if the market price were $15?
Select one:
a. a surplus of 45
O b. a shortage of 60
C. a shortage of 45
Od. a surplus of 60
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