In a competitive market, the market demand is Qd = 400 5P and the market supply is Qs = 10P 80. Explain what will happen in this market to the amounts of Qd and Qs if a price ceiling of $25 is imposed Research Paper

In a competitive market, the market demand is Qd = 400 5P and the market supply is Qs = 10P 80. Explain what will happen in this market to the amounts of Qd and Qs if a price ceiling of $25 is imposed. Calculate the shortage in this market. How long do you expect this shortage to last?

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