Answered: Assume that the market can be…

Assume that the market can be represented by the supply and demanc curves: Qs = 6P-60 QD=60-4P If the price is 14 (P=14) then the quantity (Q) at market disequilibrium would result in

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Assume that the market can be represented by the supply and demand
curves:
Qs = 6P-60
QD = 60-4P
If the price is 14 (P=14) then the quantity (Q) at market disequilibrium
would result in
A shortage of 20 units
A surplus of 20 units
A surplus of 24 units
A shortage of 24 units
0/5

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