if-a-market-price-is-set-at-10-where-the-quantity-demanded-is-80-units-and-the-q

Question

If a market price is set at $10, where the quantity demanded is 80 units and the quantity supplied is 120 units, what is the impact on the market?

Accepted Answer

There is a surplus of 40 units.

Answer

There is a shortage of 40 units.

Answer

The market is in equilibrium.

Answer

There is no impact on the market.

If a market price is set at \$10, where the quantity demanded is 80 units and the quantity supplied is 120 units, what is the impact on the market?