The market demand curve and the market supply curve of wheat are given by:

q_D = 450 – p for 0<p<450

q_S = 150 + p

There will be excess demand at?

Price= 100

The correct answer is Option 1: Price= 100

Equilibrium price will be calculated as 450-p=150+p.

Solving this, equilibrium price = 150.

At any price less than equilibrium price, there is excess demand.

First option shows price = 100 which is less than 150. So it is the answer.