0 Bookmarks People Tab Window Help Suppose that the market for good X is characterized by the following demand and supply functions: Demand: Q. - 155 - 3P [Quis quantity demanded; P is price] Supply: Q. -5+7P [, is quantity supplied; Pis price] The equilibrium price is equal to $ and the equilibrium quantity is equal to units. i) At a price of $12 per unit of X, there is a (surplus/shortage) of units of X and the price is expected to (fall/rise). IH) At a price of $20 per unit of X, there is a (shortage/surplus) of units of X and the price is expected to (fall/rise). Previous Next 36 28 ctv a A MacBook Air