Scenario 6-1
Suppose That Demand in the Market for Good $$Q ^ { D } = 30 - P$$

question 241

Essay

Scenario 6-1
Suppose that demand in the market for good X is given by the equation
$$Q ^ { D } = 30 - P$$ and that supply in the market for good X is given by the equation
$$Q ^ { S } = 2 P$$
-Refer to Scenario 6-1. If the government set a price floor at $13, would there be a shortage or surplus, and how large would be the shortage/surplus?

---

Definitions:

UCC

A complete legislative framework, the Uniform Commercial Code, oversees all commercial dealings within the United States.

Negotiate

The process of discussing terms to reach a mutual agreement in transactions, contracts, or disputes.

Implied Warranty

A legal assumption that the goods sold meet certain quality standards, including that they are fit for the standard purposes for which such goods are sold.

Express Warranty

A clearly stated promise or guarantee regarding the condition or performance of a product or service.