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Given the following information about the market for gasoline (quantities in millions):
Price per gallon
Quantity Demanded
Quantity Supplied
$9
50
200
$8
75
175
$7
100
150
$6
125
$5
$4
$3
$2
225
25
Graph the demand and supply curves for gasoline (You do NOT submit the graph for grading) and answer the following. You must include a brief explanation of approximately 50 words for each answer to receive full credit:
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