A market is initially in equilibrium, with 100 units of the product being sold at a price of US$10 each. The price elasticity of supply for the product is +2.0 and the price elasticity of demand is –1.0. What will be the condition of the market if a minimum price of US$11 is introduced?
- Aan excess demand of 10 units
- Ban excess demand of 30 units
- Can excess supply of 20 units
- Dan excess supply of 30 units