Question
Let the supply curve for gasoline be P=2Q; the demand curve is P=$10-Q. What would happen in this market if price was fixed at $6?
Let the supply curve for gasoline be P=2Q; the demand curve is P=$10-Q. What would happen in this market if price was fixed at $6?
a) Shortage of 4.
b) None of the above.
c) Shortage of 1.
d) Surplus of 8.
e) Equilibrium at Q=3.
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Foundations of Macroeconomics
Authors: Robin Bade, Michael Parkin
6th edition
132831007, 978-0132831000
