Market demand is given as Qd = 80 - 2P. Market supply is given as Qs = 2P. What would result if the market price were $10?

Name: Market demand is given as Qd = 80 - 2P. Market supply is given as Qs = 2P. What would result if the market price were $10?
Brand: Quizplus
Rating: 4.8 (56 reviews)

Question

Quizplus · Accepted Answer

At a price of $10, the quantity demanded (Qd) is 80 - 2(10) = 60, and the quantity supplied (Qs) is 2(10) = 20. This results in a shortage of 40 units (60 - 20 = 40).

Market Demand Is Given as Qd = 80 - 2P