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July 1, 2015

Homework Help: Economics*Micro

Posted by SadBob on Saturday, February 14, 2009 at 10:25pm.

A market has the following demand and supply equations:
Qd = -50P + 1000
Qs = 150P - 400
Which of the following statements is true?
a. If the price were $9, a surplus of 300 units would exist and price would tend to fall.
b. If the price were $3, a shortage of 800 units would exist and price would tend to rise.
c. The equilibrium price and quantity, respectively are $8 and 600 units.
d. The equilibrium price and quantity, respectively are $6 and 500 units.

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