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The data in the following table represents Canadian wheat market where, Qd and Qs are the quantity of wheat demanded and supplied in bushels per week respectively, and P is the price of wheat in dollars per bushel.
Price Qd Qs Surplus/Shortage
10 3,000 8,000 ---------
9 3,500 7,000 ----------
8 4,000 5,500 ----------
7 4,500 4,500 ---------
6 5,000 3,500 ----------
Calculate the amount of surplus/shortage if the current market price is $8 per bushel. Analyze its impact on market price and quantity.
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