Market demand is given as Qd = 190 - 2P. Market supply is given as Qs = P + 10. What would result if the market price were $80?

Name: Market demand is given as Qd = 190 - 2P. Market supply is given as Qs = P + 10. What would result if the market price were $80?
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Question

Quizplus · Accepted Answer

At a price of $80, the quantity demanded (Qd) is 190 - 2(80) = 30, and the quantity supplied (Qs) is 80 + 10 = 90. This results in a surplus of 60 units (90 - 30 = 60).

Market Demand Is Given as Qd = 190 - 2P