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Consider the following supply and demand model of the world tea market (in billions of pounds.)
Price Per Pound Quantity Supplied Quantity Demanded
$.38 1,500 525
$.37 1,000 600
$.36 700 700
$.35 600 900
$.34 550 1,200
Is it a surplus or a shortage when the price is $.38?
Surplus
Shortage
Is it a surplus or a shortage when the price is $.34?
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