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Use the following Supply and Demand Schedules to answer the next 4 questions:
Table 2.
Price Qt. Supplied Qt. Demanded
3 30 75
4 40 70
5 50 65
6 60 60
7 70 55
8 80 50
2a. Draw the Supply and Demand graph from the data above., Label the graph,
2b. When the price is 5 , this market has a surplus or shortage__________.
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