Given the Following Supply and Demand Curves for Six-Packs of Beer

question 25

Multiple Choice

Given the following supply and demand curves for six-packs of beer, a price of $7.00 would produce:
Demand Q = 31,000 - 2000P
Supply Q = 10,000 + 1500P

• A) equilibrium.
• B) a shortage of 3,500 six-packs of beer.
• C) a surplus of 3,500 six-packs of beer.
• D) a shortage of 17,000 six-packs of beer.
• E) a surplus of 20,500 six-packs of beer.

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