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Draw a graph that shows the market equilibrium

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Reference no: EM132414894

A commodity has a demand of Q = 26 - P, and a supply of Q = -2 + P.

1. Draw a graph that shows the market equilibrium for each of the following cases:

A. a competitive market

B. a monopolist sells the product to consumers

C. a monopsonist purchases the product from producers.

Please label clearly all the curves that you draw, and the prices and quantities for each of the three cases.

Reference no: EM132414894

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