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b) If the price is $25.00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium
b) If the price is $25.00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? (3 marks) c) If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? (1 mark) d) What is the equilibrium price, what is the equilibrium quantity? (2 marks)
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