Suppose Market Demand and Supply Are Given by Q^d =

question 117

Multiple Choice

Suppose market demand and supply are given by Q^d = 100 - 2P and Q^S = 5 + 3P. If a price ceiling of $15 is imposed,

• A) there will be a surplus of 40 units.
• B) there will be neither a surplus or shortage.
• C) there will be a shortage of 40 units.
• D) there will be a shortage of 20 units.

---

Definitions:

Temporary Endocrine Gland

A gland that appears only during certain periods of life and secretes hormones, such as the corpus luteum in females.

Corpus Luteum

A temporary endocrine structure in female ovaries that is involved in the production of hormones, estrogen, and progesterone after ovulation.

Pituitary

A small, pea-sized gland located at the base of the brain, crucial for controlling various hormones that regulate growth, metabolism, and reproductive functions.

Ovaries

Female reproductive organs in which eggs (ova) are produced, along with key hormones like estrogen and progesterone.