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a) Indicate whether there is a shortage or surplus at each of the following prices. Pizza demanded Pizza supplied (hundred Price per Pizza (hundred thousands)

a) Indicate whether there is a shortage or surplus at each of the following prices. Pizza demanded Pizza supplied (hundred Price per Pizza (hundred thousands) thousands) Surplus/Shortage 19 20 25 23 16 21 b) Plot the demand curve, supply curve and equilibrium point on the graph below. Select which item you want to graph from the drop down menu at the top of the graph to manipulate that item. Demand Curve Price per Pizza Reset Quantity (hundred thousand) of Pizza c) What is the equilibrium price? Equilibrium price = $0 d) What is the equilibrium quantity (in hundred thousands)? Equilibrium quantity = 0

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