Market demand is given as Q_D= 300 - 2P.Market supply is given as Q_S= 2P + 100.What would result if the market price were $15

Name: Market demand is given as Q D = 300 - 2P.Market supply is given as Q S = 2P + 100.What would result if the market price were $15
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Question

Quizplus · Accepted Answer

At a price of $15, the quantity demanded is: Q_D = 300 - 2(15) = 270 The quantity supplied is: Q_S = 2(15) + 100 = 130 There is a shortage of: Shortage = Q_D - Q_S = 270 - 130 = 140. Therefore, the correct answer is D, there is a shortage of 140.

Market Demand Is Given as QD = 300 - 2P

Market Demand Is Given as Q_D= 300 - 2P