8. The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied

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8. The market for pizza has the following demand and supply schedules:

Price Quantity Demanded Quantity Supplied

$4 135 26 5

104 53 6

81 81 7

68 98 8

53 110 9

39 121 Graph the demand and supply curves. What is the equilibrium price and quantity in this market? If the actual price in this market was above the equilibrium price, what would drive the market toward the equilibrium? If the actual price in this market was below the equilibrium price, what would drive the market toward the equilibrium?

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Related Book For  book-img-for-question

Principles Of Macroeconomics

ISBN: 9780176591977

7th Canadian Edition

Authors: N. Mankiw, Ronald Kneebone, Kenneth McKenzie

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