Market demand is given as Qd = 95- P. Market supply is given as Qs = 3P + 15. What would result if the market price were $25?

Name: Market demand is given as Qd = 95- P. Market supply is given as Qs = 3P + 15. What would result if the market price were $25?
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Question

Quizplus · Accepted Answer

At a price of $25, the quantity demanded (Qd) would be 95 - 25 = 70, and the quantity supplied (Qs) would be 3(25) + 15 = 90. The difference between Qs and Qd is 20, indicating a surplus of 20.

Market Demand Is Given as Qd = 95- P