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and supply for bicycles, where the quantities of bicycles are measured in thousands. Price $120 Qd Qs 50 50 36 $150 40 40 $180

and supply for bicycles, where the quantities of bicycles are measured in thousands. Price $120 Qd Qs 50 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70 If the price was $120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?

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