Scenario 2.1: The Demand for Books Is: Q_d = 120 - P

Multiple Choice

Scenario 2.1:
The demand for books is: Q_d = 120 - P
The supply of books is: Q_s = 5P
-Refer to Scenario 2.1. If P = $15, which of the following is true?

A) There is a surplus equal to 30.
B) There is a shortage equal to 30.
C) There is a surplus, but it is impossible to determine how large.
D) There is a shortage, but it is impossible to determine how large.