Essay
Industry supply and demand are given by QD = 1000 - 2P and QS = 3P.
a.What is the equilibrium price and quantity?
b.At a price of $100,will there be a shortage or a surplus,and how large will it be?
c.At a price of $300,will there be a shortage or a surplus,and how large will it be?
Correct Answer:
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a.P = $200,Q = 600.b.At a price of $100,...View Answer
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