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3. Use the graph of supply and demand below to answer the following questions 13 Quantity (hundreds of items) Price ($) a. Identify and label

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3. Use the graph of supply and demand below to answer the following questions 13 Quantity (hundreds of items) Price ($) a. Identify and label the supply and demand functions above. b. If the price is $8 per item, is there a surplus or a shortage? Explain. c. For what price(s) would there be a shortage ? d. Give the coordinates of the equilibrium point. Interpret the meaning of these coordinates

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