# Market demand is g market demand is given as qd 60

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6.6.Market demand is gMarket demand is given as Qd = 60iven as Qd = 60 – P.– P.Market supplyMarket supply is given as Qsis given as Qs = 3P.= 3P. What would resuWhat would result if the marklt if the market price were \$30? price were \$30?eta.a.aa shortageshortage ofof 60 b. b.a surplus of 60a surplus of 60c.c.aa surplussurplus ofof 30d.d.aa shortageshortage of 30of 306030
7. Suppose that a decrease in the price of X results in less of good Y sold. What are X7. 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.
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