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Marlene: Using the following schedule, define the equilibrium price and quantity. Describe the situation at a price of $7. What will occur? Describe the situation at a price of $3. What will occur?
Price $ Quantity demanded Quantity supplied
1 1000 120
2 985 200
3 850 315
4 720 400
5 600 450
6 520 520
7 320 650
8 200 718
9 180 825
10 100 99
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