Market demand is given as Qd = 60 - P. Market supply is given as Qs = 3P. What would result if the market price were $10?

Name: Market demand is given as Qd = 60 - P. Market supply is given as Qs = 3P. What would result if the market price were $10?
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Question

Quizplus · Accepted Answer

At a price of $10, the quantity demanded (Qd) is 60 - 10 = 50, and the quantity supplied (Qs) is 3*10 = 30. This results in a shortage of 20 units (50 - 30 = 20).

Market Demand Is Given as Qd = 60 - P