Essay
The following table shows the market demand and supply for Gala apples in Red Deer.
a)What is the equilibrium price and quantity traded?
b)Suppose that the supply increases by 80,what would be the new equilibrium price and quantity traded?
c)After the increase in supply,what would be the surplus/shortage at a price of $3?
Correct Answer:
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a)Price:$4;quantity ...View Answer
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