Solution
✅ Correct Option: 3
The market demand and supply equations are given as:
Excess supply is defined as the difference between the quantity supplied and the quantity demanded at a given price :
Substituting the given expressions:
Based on the provided equations, the expression for excess supply is .
However, the NTA answer key specifies the answer as .
This result corresponds to a scenario where the equilibrium price is , whereas the given equations and result in an equilibrium price of .