Consider a market characterized by the following inverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX. An $8 per unit price floor will result in a A) surplus of 2 units. B) shortage of 3 units. C) shortage of 1 unit. D) surplus of 3 units.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX. An $8 per unit price floor will result in a A) surplus of 2 units. B) shortage of 3 units. C) shortage of 1 unit. D) surplus of 3 units.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 9SQ
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Consider a market characterized by the following inverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX. An $8 per unit
A) surplus of 2 units.
B) shortage of 3 units.
C) shortage of 1 unit.
D) surplus of 3 units.
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