In a perfectly competitive market, market demand is Qd(P)=209–3×P while market supply is Qs(P)=6×P–2. If the current market price is $12, what is the difference between quantity demanded and quantity supplied? Important: A positive number means excess demand, a negative number means excess supply, and 0 quantity supplied equals quantity demanded.
In a perfectly competitive market, market demand is Qd(P)=209–3×P while market supply is Qs(P)=6×P–2. If the current market price is $12, what is the difference between quantity demanded and quantity supplied? Important: A positive number means excess demand, a negative number means excess supply, and 0 quantity supplied equals quantity demanded.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
Problem 8CQ
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