Market demand is given as Qd = 120 - P. Market supply is given as Qs = 4P. What would result if the market price were $15?

Name: Market demand is given as Qd = 120 - P. Market supply is given as Qs = 4P. What would result if the market price were $15?
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Question

Quizplus · Accepted Answer

At a price of $15, the quantity demanded (Qd) is 120 - 15 = 105, and the quantity supplied (Qs) is 4 * 15 = 60. Since Qd > Qs, there is a shortage of 45 units (105 - 60 = 45).

Market Demand Is Given as Qd = 120 - P