Multiple Choice
Scenario 2.1:
The demand for books is: Qd = 120 - P
The supply of books is: Qs = 5P
-Refer to Scenario 2.1. If P = $25, 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 shortage, but it is impossible to determine how large.
D) There is a surplus, but it is impossible to determine how large.
Correct Answer:
Verified
Correct Answer:
Verified
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