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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

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 3.4P

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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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