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What is the equilibrium price and quantity

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Reference no: EM132151498

Industry supply and demand are given by QD = 1000 - 2P and QS = 3P.

a. What is the equilibrium price and quantity?

b. At a price of $100, will there be a shortage or a surplus, and how large will it be?

c. At a price of $300, will there be a shortage or a surplus, and how large will it be?

Reference no: EM132151498

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