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 B. 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 B. has excess supply of 1,000 pounds; fall OC. is in equilibrium; remain unchanged D. has excess demand of 5,000 pounds; rise
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5418e21-787a-4472-a4f1-a4755f87b067%2F0cd32b38-6eae-4093-b4ca-dcdc75b0d6e3%2F0yi8wxb_processed.png&w=3840&q=75)
Transcribed Image Text: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
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