The demand and supply curves for a good are as follows:
Price = -5quantity demanded + 200
Price = 3quantity supplied + 40
Which of the following statements about these curves is most accurate?
A)At a price of 70, excess supply is 16.
B)At a price of 130, excess supply is 16.
C)The equilibrium quantity is 100.
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At the equilibrium price, quantity supplied equals quantity demanded:3Q + 40 =-5Q + 2008Q = 160Q = 20, which is the equilibrium quantity.P = 3(20) + 40 = 100; or, P =-5(20) + 200 = 100. The equilibrium price is 100.Because a price below 100 results in excess demand, we can rule out the answer choice a
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