The demand for a product is represented by QD = 400 – 10P, where P denotes the price in dollars. The supply of the product is held constant at 100 units. If the price is $20, what will be the market position?
- AIt will be in disequilibrium with excess demand of 100 units.
- BIt will be in disequilibrium with excess supply of 100 units.
- CIt will be in equilibrium with 100 units traded.
- DIt will be in equilibrium with 200 units traded.