Answer 2 Points The demand curve in a market is described by the equation Q_(d)=59-14P and the supply curve is described by the equation Q_(s)=5+6P where P is the price of gasoline and Q is the quantity of gasoline (in millions of gallons) Suppose the price of gasoline is 3.00 per gallon. What would be the outcome in the gasoline market? Select the best answer. There would be equilibrium. There would be a surplus. There would be a shortage.

To determine the outcome in the gasoline market when the price of gasoline is $3.00 per gallon, we need to calculate the quantity demanded and the quantity supplied at this price.<br /><br />Given:<br />- Demand equation: \( Q_d = 59 - 14P \)<br />- Supply equation: \( Q_s = 5 + 6P \)<br /><br />Substitute \( P = 3.00 \) into both equations:<br /><br />1. Calculate the quantity demanded (\( Q_d \)):<br /> \[<br /> Q_d = 59 - 14(3) = 59 - 42 = 17<br /> \]<br /><br />2. Calculate the quantity supplied (\( Q_s \)):<br /> \[<br /> Q_s = 5 + 6(3) = 5 + 18 = 23<br /> \]<br /><br />Now compare \( Q_d \) and \( Q_s \):<br /><br />- Quantity demanded (\( Q_d \)) is 17 million gallons.<br />- Quantity supplied (\( Q_s \)) is 23 million gallons.<br /><br />Since the quantity supplied (23 million gallons) is greater than the quantity demanded (17 million gallons), there would be a surplus in the gasoline market.<br /><br />Therefore, the best answer is:<br />There would be a surplus.