Assume that the market can be represented by the supply and demandcurves:Qs = 6P - 60Qp = 60 - 4PIf the price is 14 (P314) then the quantity (Q) at market disequilibriumwould result inA shortage of 20 unitsA surplus of 20 unitsA surplus of 24 unitsAshortage of 24 units0/5

Assume that the market can be represented by the supply and demand curves: Qs = 6P - 60 Qp = 60-4P If the price is 14 (P-14) then the quantity (Q) at market disequilibrium would result in A shortage of 20 units A surplus of 20 units A surplus of 24 units A shortage of 24 units

Assume that the market can be represented by the supply and demand curves: Qs = 6P - 60 Qp = 60-4P If the price is 14 (P-14) then the quantity (Q) at market disequilibrium would result in A shortage of 20 units A surplus of 20 units A surplus of 24 units A shortage of 24 units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Assume that the market can be represented by the supply and demand
curves:
Qs = 6P - 60
Qp = 60 - 4P
If the price is 14 (P314) then the quantity (Q) at market disequilibrium
would result in
A shortage of 20 units
A surplus of 20 units
A surplus of 24 units
Ashortage of 24 units
0/5

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