Industry Supply and Demand Are Given by Q_D = 1000

question 28

Essay

Industry supply and demand are given by Q_D = 1000 - 2P and Q_S = 3P.
a.What is the equilibrium price and quantity?
b.At a price of $100,will there be a shortage or a surplus,and how large will it be?
c.At a price of $300,will there be a shortage or a surplus,and how large will it be?

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