Use the Following General Linear Demand Relation $Q _ { d } = 680 - 9 P + 0.006 M - 4 P _ { R }$

question 47

Multiple Choice

Use the following general linear demand relation: $Q _ { d } = 680 - 9 P + 0.006 M - 4 P _ { R }$ where M is income and $P _ { R}$ is the price of a related good,R.If M = $15,000 and $P _ {R}$ = $20 and the supply function is $Q _ { 5 } = 30 + 3 p$ ,then,when the price of the good is $60,

• A)there is a shortage of 60 units of the good.
• B)there is equilibrium in the market.
• C)there is a surplus of 60 units of the good.
• D)the quantities demanded and supplied are indeterminate.

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