Market demand is given as Qd = 80 - P. Market supply is given as Qs = 3P. What would result if the market price were $30?

Name: Market demand is given as Qd = 80 - P. Market supply is given as Qs = 3P. What would result if the market price were $30?
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Question

Quizplus · Accepted Answer

At a price of $30, the quantity demanded (Qd) is 80 - 30 = 50, and the quantity supplied (Qs) is 3 * 30 = 90. This results in a surplus of 90 - 50 = 40.

Market Demand Is Given as Qd = 80 - P