For a product, the demand and supply functions are quantity demanded = 1500 + 50P and quantity supplied = 300P – 2000, where P = price. Because of government regulation, the market price now stands at $15. What may be inferred about the type of price regulation and the state of demand and supply in this market?
- Aeffective maximum price; excess demand
- Beffective maximum price; excess supply
- Ceffective minimum price; excess demand
- Deffective minimum price; excess supply