For a product, the demand and supply functions are quantity demanded = 1500 + 50P and quantity supplied = 300P – 2000, where P = price. If government regulation sets the market price at $15, what can be inferred about the type of price regulation and the relationship between 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