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3. Supply and Demand / Supply and Demand Together: Equilibrium, Shortage, and Surplus / Problem 13
Problem 13
Given the following supply and demand schedule, what is the equilibrium price and quantity?
Price: \$5, Quantity Demanded: 50, Quantity Supplied: 30
Price: \$6, Quantity Demanded: 40, Quantity Supplied: 40
Price: \$7, Quantity Demanded: 30, Quantity Supplied: 50