Question: The reduced demand function for product X is Q d =4000- 800P x and its reduced supply function is Q s =1000+200P x. What amount

The reduced demand function for product X is Qd=4000- 800Px and its reduced supply function isQs =1000+200Px.

What amount of disequilibrium would exist in the market if the government establishes a price ceiling of $1.50?

a.

a shortage of 1500
b.

a surplus of 1500
c.

a shortage of 800
d.

a surplus of 1000

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