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Consider a market with 8 buyers and 8 sellers. The buyers values are 10,10,10,10,4,4,4,4. The sellers costs are: 2,2,2,2,8,8,8,8. At a price of 9, would
Consider a market with 8 buyers and 8 sellers. The buyers values are 10,10,10,10,4,4,4,4. The sellers costs are: 2,2,2,2,8,8,8,8. At a price of 9, would there be excess supply or excess demand? Explain briefly
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