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1. Suppose the market of snow shovels depicted in the figure below: (1)Suppose the market now was in equilibrium (at point A). If a snowstorm
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Suppose the market of snow shovels depicted in the figure below:
(1)Suppose the market now was in equilibrium (at point A). If a snowstorm was forecast for the next week, what would happen to the demand for the snow shovels? Will it be a surplus or shortage of the snow shovels? (10 points)
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