Suppose the Demand and Supply Curves in the Market for Apples

question 76

Multiple Choice

Suppose the demand and supply curves in the market for apples have the following functional form: Q_D = 250 - 4p and Q_S = 10 + p.If the prevailing market price is 40,then

• A)the market is clearing.
• B)the market exhibits an excess supply of 50 units.
• C)the market exhibits an excess supply of 40 units.
• D)the market exhibits an excess demand of 50 units.
• E)the market exhibits an excess demand of 40 units.

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