Use the following general linear supply function: 
where 
is the quantity supplied of the good,P is the price of the good, 
is the price of an input,and F is the number of firms producing the good.Suppose 
= $40,F = 50,and the demand function is 
,then if government sets a price of $50 what will be the result?
Definitions:
Equilibrium GDP
The level of Gross Domestic Product at which aggregate supply equals aggregate demand, leading to an economy operating at full capacity without inflationary pressures.
Full Employment GDP
The level of gross domestic product achieved when there is no cyclical unemployment in the economy, representing an ideal economic state where all willing and able workers find employment.
Economic Problem
When we have limited resources available to fulfill society’s relatively limitless wants.
Unemployment
The situation in which individuals who are capable of working and actively seeking employment are unable to find a job.
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