Essay
-The above table gives the demand and supply schedules for cat food.If the price is $1.00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price?
If there is a shortage, how much is the shortage?
If there is a surplus, how much is the surplus?
If $3.00 is the equilibrium price, what is the equilibrium quantity?
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Correct Answer:
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At a price of $1.00 per pound ...
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