Assume the demand for face masks is Qd = 240 - P and the supply of face masks isQs = 7P. At P = $25, which of the following statements is true?%3DO a) There is a shortage of 40 masksO b) There is a surplus of 5 masksO c) There is a surplus of 40 masksO d) There is a shortage of 5 masks

Surplus and shortage is the factor of the economy it occurs mainly in 2 condition , if the demand of…

Assume the demand for face masks is Qd = 240 - P and the supply of face masks is %3D Qs = 7P. At P = $25, which of the following statements is true? %3D a) There is a shortage of 40 masks O b) There is a surplus of 5 masks Oc) There is a surplus of 40 masks

Assume the demand for face masks is Qd = 240 - P and the supply of face masks is %3D Qs = 7P. At P = $25, which of the following statements is true? %3D a) There is a shortage of 40 masks O b) There is a surplus of 5 masks Oc) There is a surplus of 40 masks

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section: Chapter Questions

Problem 11QP: Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price...

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Question

Assume the demand for face masks is Qd = 240 - P and the supply of face masks is
Qs = 7P. At P = $25, which of the following statements is true?
%3D
O a) There is a shortage of 40 masks
O b) There is a surplus of 5 masks
O c) There is a surplus of 40 masks
O d) There is a shortage of 5 masks

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