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a. Quality Demanded b. Quantity Supplied c. Will there be a surplus or shortage? d. What is the size of the surplus or shortage? e.

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a. Quality Demanded b. Quantity Supplied c. Will there be a surplus or shortage? d. What is the size of the surplus or shortage? e. How much will firms sell if they do not change their price from $8? If the price is $8, calculate*: a. Consumer surplus

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