Market demand is given as Qd = 120 - 2P.Market supply is given as Qs = 2P + 40.What would result if the market price were $50?

Name: Market demand is given as Qd = 120 - 2P.Market supply is given as Qs = 2P + 40.What would result if the market price were $50?
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Question

Quizplus · Accepted Answer

At a price of $50, the quantity demanded (Qd) is 120 - 2(50) = 20, and the quantity supplied (Qs) is 2(50) + 40 = 140. This results in a surplus of 140 - 20 = 120.

Market Demand Is Given as Qd = 120 - 2P