Suppose that the demand and supply curves for green peas are given by Qd = 10 - 8P and Qs = 2P, where P is price per pound and Q is measured in thousands of pounds. If the price per pound of peas is $0.50, the market so the price will A. has excess demand of 3,000 pounds; rise OB. has excess supply of 1,000 pounds; fall OC. is in equilibrium; remain unchanged D. has excess demand of 5,000 pounds; rise

Suppose that the demand and supply curves for green peas are given by Qd = 10 - 8P and Qs = 2P, where P is price per pound and Q is measured in thousands of pounds. If the price per pound of peas is $0.50, the market so the price will A. has excess demand of 3,000 pounds; rise OB. has excess supply of 1,000 pounds; fall OC. is in equilibrium; remain unchanged D. has excess demand of 5,000 pounds; rise

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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