Given the following supply and demand curves for six-packs of beer, a price of $5.00 would produce:
Demand Q = 31,000 - 2000P
Supply Q = 10,000 + 1500P
A) equilibrium.
B) a shortage of 3,500 six-packs of beer.
C) a surplus of 3,500 six-packs of beer.
D) a shortage of 21,000 six-packs of beer.
E) a surplus of 17,500 six-packs of beer.

Question

Quizplus · Accepted Answer

At a price of $5.00, the quantity demanded is 21,000 and the quantity supplied is 17,500, resulting in a shortage of 3,500 six-packs.

Given the Following Supply and Demand Curves for Six-Packs of Beer