Consider a market in which the market demand is given by the equation QD = 44 – 3P and market supply is given by the equation QS = 2P + 4. If the price in the market is $2, there is a ________ of ________ in the market.

Question

BlackTom AI · Accepted Answer

1. Relevant knowledge points and concepts
- Demand and supply functions give quantity demanded (QD) and quantity supplied (QS) at any price P. 
- A surplus (excess supply) occurs when QS > QD at a given price; a shortage (excess demand) occurs when QD > QS.
- To determine excess supply or demand at a particular price, evaluate QD and QS at that price and compare.

2. Complete reasoning process step by step
- Start with the given equations: QD = 44 − 3P and QS = 2P + 4.
- Substitute the given market price P = 2 into each equation to find the quantities at that price.

3. Calculations with intermediate steps
- Compute quantity demanded:
  QD = 44 − 3P = 44 − 3(2) = 44 − 6 = 38.
- Compute quantity supplied:
  QS = 2P + 4 = 2(2) + 4 = 4 + 4 = 8.
- Compare QD and QS:
  QD − QS = 38 − 8 = 30.

4. Why the correct answer is correct
- Because quantity demanded (38) exceeds quantity supplied (8) at price $2, there is excess demand — i.e., a shortage.
- The magnitude of the shortage equals the difference between demanded and supplied quantities: 38 − 8 = 30 units.

5. Why the other options are incorrect
- Options a (surplus, 20) and b (surplus, 30) assert a surplus; these are wrong because QS (8) < QD (38), so supply is not greater than demand.
- Option c (shortage, 20) has the correct direction (shortage) but the wrong magnitude; the actual difference is 30, not 20.

6. Conclusion confirming the final answer
- Therefore the market has a shortage of 30 units at price $2. The correct choice is d. shortage, 30.

Consider a market in which the market demand is given by the equation QD = 44 – 3P and market supply is given by the equation QS = 2P + 4. If the price in the market is $2, there is a of in the market.单项选择题

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Consider a market in which the market demand is given by the equation QD = 44 – 3P and market supply is given by the equation QS = 2P + 4. If the price in the market is $2, there is a ________ of ________ in the market.单项选择题

类似问题

Imagine the government introduces a new subsidy for measles vaccinations. The government will pay consumers of the vaccination 50% of the vaccination price. Which effect is most likely in the market for vaccinations?

Imagine the government introduces a new subsidy for measles vaccinations. The government will pay consumers of the vaccination 50% of the vaccination price. Which effect is most likely in the market for vaccinations?

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When graphing a basic demand and supply model, we usually assume that as quantity increases,

更多留学生实用工具

希望你的学习变得更简单

Consider a market in which the market demand is given by the equation QD = 44 – 3P and market supply is given by the equation QS = 2P + 4. If the price in the market is $2, there is a of in the market.单项选择题