1.The demand curve for knobs is P = 300 - 6Qd. The supply curve for knobs is

P = 20 + 8Qs. If the price of a knob was set at $120, the knob market would experience

a.equilibrium.

b.excess demand causing a rise in price.

c.excess demand causing a fall in price.

d.excess supply causing a rise in price.

e.excess supply causing a fall in price.