Use the following information to answer questions 10 and 11 below. Market for flat-screen TVs: Demand: Qd= 2,600 – 5P Su

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Use the following information to answer questions 10 and
11 below.
Market for flat-screen TVs:
Demand: Qd= 2,600 – 5P
Supply: Qs= –1,000 + 10P
10. If a price ceiling is set at $200, this will create
a
a. shortage of 600
b. shortage of 1,400
c. surplus of 800
d. surplus of 1,600
11. What would be the quantity traded if a price floor
is set at $100?
a. 240
b. 1,400
c. 2,100
d. 700