Refer to the demand and supply equations. At a price of $35, there wil
Refer to the demand and supply equations. At a price of $35, there will be ________.
Fill in the blank(s) with correct word
ANSWER
Qd = 80 – 2 (35 ) = 10 units
Qs = – 10 + 4 (35 ) = 130 units
Thus, at a price of $35 which is above the equilibrium price of $15, we have an excess supply or shortage of 120 units
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