Answered: Market demand is given as Qd = 60 P.…

Market demand is given as Qd = 60 P. Market supply is given as Qs 3P. What would result if the = market price were $10? a. a shortage of 20 b. a shortage of 30 c. a surplus of 30 d. a surplus of 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Market demand is given as Qd
= 60 P. Market supply is given as
Qs = 3P. What would result if the
market price were $10? a. a shortage
of 20 b. a shortage of 30 c. a surplus
of 30 d. a surplus of 20

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