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I can't understand why the equilibrium output would be 3.5, but the book says equilibrium price would be $3.5. Why would it not be $7
I can't understand why the equilibrium output would be 3.5, but the book says equilibrium price would be $3.5. Why would it not be $7 given that S(p)=p/2? If you plug in, it would be 3.5=p/2 which would equal $7. Please help me all the questions
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