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Figure 1 1. In gure 1, what are the equilibrium price and quantity? 2. What is the total economic output we expect to see? 3.

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Figure 1 1. In gure 1, what are the equilibrium price and quantity? 2. What is the total economic output we expect to see? 3. How many units would be sold at a price of $20? 4. Would this be a surplus or a shortage? 5. How many more or fewer units would be sold than at equilibrium

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