Market demand is g market demand is given as qd 60

6. 6. Market demand is g Market demand is given as Qd = 60 iven as Qd = 60 – P. – P. Market supply Market supply is given as Qs is given as Qs = 3P. = 3P. What would resu What would result if the mark lt if the market
price were $30? price were $30?
et
a. a. a a shortage shortage of of 60
b. b. a surplus of 60 a surplus of 60
c. c. a a surplus surplus of of 30
d. d. a a shortage shortage of 30 of 30
60
30
7. Suppose that a decrease in the price of X results in less of good Y sold. What are X 7. Suppose that a decrease in the price of X results in less of good Y sold. What are X and Y called? and Y called?
8. If Francis receives an increase in his pay, what would we expect? 8. If Francis receives an increase in his pay, what would we expect?
increase
9. What is the law of demand? 9. What is the law of demand?
ore.
more.
3