Suppose the demand for a product can be represented by QD = 100 - 5P, while supply is given by Qs = -20 + 3P, where P is the price in rand.

1.3. The equilibrium price for the product is the following:

A. R6.67

B. R5

C. R20

D. R15

E. Cannot be calculated.

1.4. At the equilibrium price and quantity, total consumption expenditure is the following:

A. R375

B. R15

C. R25

D. R50

E. R250

1.5. If the price is set at R10, the market will experience _____

A. a surplus (excess supply of R50).

B. a surplus (excess supply of R40).

C. a shortage (excess demand of R50).

D. a shortage (excess demand of R40).

E. a shortage (excess demand of R10).