For a particular product the Qd = (45 million) - (3 million × P) and QS = (0) + (2 million × P) . If the current price is $7, which of the following is true?
A) The current price is equal to the equilibrium price.
B) There is a surplus of the product in the market.
C) The quantity demanded equals the quantity supplied.
D) There is a shortage of the product in the market.
Correct Answer:
Verified
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