Scenario 2.1: The Demand for Books Is: Q_d = 120 - P

question 56

Multiple Choice

Scenario 2.1:
The demand for books is: Q_d = 120 - P
The supply of books is: Q_s = 5P
-Refer to Scenario 2.1. If P = $25, which of the following is true?

• A) There is a surplus equal to 30.
• B) There is a shortage equal to 30.
• C) There is a shortage, but it is impossible to determine how large.
• D) There is a surplus, but it is impossible to determine how large.

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