The equation for the quantity demanded (QD) of a product is QD=400–20P where P=price in dollars. The quantity supplied (QS) is given by QS=100+40P.
What can be concluded about the market when price is $5?
1 )
Consumers will face a shortage.
2 )
Government will intervene in the market.
3 )
Producers will have a surplus of the product.
The market will be in equilibrium.
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