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Explain how the market moves to equilibrium in terms of shortages and surpluses and in terms of maximum buying prices and minimum selling prices. Clue:
Explain how the market moves to equilibrium in terms of shortages and surpluses and in terms of maximum buying prices and minimum selling prices. Clue: Some buyers have a maximum buying price and some producers have a minimum selling price. It usually helps to use a supply and demand graph.
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Reference
Arnold, R. (2019). Economics (13thed.). Cengage Learning.
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