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Suppose market demand and supply are given by Qd= 400-12P and Qs= -20 + 8P. If...

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Economics

Suppose market demand and supply aregiven by Qd= 400-12P and Qs= -20 + 8P. If aprice floor of $20.00 is imposed,

  1. there will be a surplus of 10 units.
  2. there will be neither a surplus or shortage.
  3. there will be a shortage of 16 units.  
  4. None of the above choices makes any sense in this case.

Answer & Explanation Solved by verified expert
3.9 Ratings (783 Votes)
The price floor is fixed at price of 20 Calculate the market demand at the price floor Qd 400 12P Qd 400 12 20 Qd 400 240 Qd 160 The market demand at the price floor is 160 units Calculate the market    See Answer
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