Market demand is given as Q_D= 70 - 2P.Market supply is given as Q_S= P + 10.What would result if the market price were $30

Name: Market demand is given as Q D = 70 - 2P.Market supply is given as Q S = P + 10.What would result if the market price were $30
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Question

Quizplus · Accepted Answer

At a price of $30, quantity demanded is Q_D = 70 - 2(30) = 10. Quantity supplied is Q_S = 30 + 10 = 40. Thus, there would be a surplus of 40 - 10 = 30 units.

Market Demand Is Given as QD = 70 - 2P

Market Demand Is Given as Q_D= 70 - 2P