A market is modeled by the llowing đếmand supply fünctiöns! and Qs = 10P. If P=$5, determine if there is an equilibrium, excess supply (surplus), or excess demand (shortage). Answers are in numbers. A. 0 (Equilibrium) В. 20 (Surplus) C. 40 (Surplus)

A market is modeled by the llowing đếmand supply fünctiöns! and Qs = 10P. If P=$5, determine if there is an equilibrium, excess supply (surplus), or excess demand (shortage). Answers are in numbers. A. 0 (Equilibrium) В. 20 (Surplus) C. 40 (Surplus)

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 5SQP

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2. A market is modeled by the following demand and supply functions: Qd = 60 – 10P and
Qs = 10P. If P=$5, determine if there is an equilibrium, excess supply (surplus), or
excess demand (shortage). Answers are in numbers.
A. 0 (Equilibrium)
B. 20 (Surplus)
C. 40 (Surplus)
D. 20 (shortage)

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