Market demand is given as Qd =150 - P. Market supply is given as Qs = 4P. What would result if the market price were $40?

Name: Market demand is given as Qd =150 - P. Market supply is given as Qs = 4P. What would result if the market price were $40?
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Question

Quizplus · Accepted Answer

At a price of $40, the quantity demanded (Qd) is 150 - 40 = 110, and the quantity supplied (Qs) is 4 * 40 = 160. This results in a surplus of 160 - 110 = 50.

Market Demand Is Given as Qd =150 - P