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A Market Can Be Described by the Equations Qd =

Question 45

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A market can be described by the equations Qd = 300 - 4P and Qs = 6P. At a price of $40, will this market experience a shortage or a surplus and what is the amount of this shortage or surplus? Will this market return to equilibrium? Why or why not?

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Equilibrium price is $30, and equilibriu...

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