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If the demand curve for soybeans in the United States is P = 12.4 - QD, where P is the farm price of soybeans (in
If the demand curve for soybeans in the United States is P = 12.4 - QD, where P is the farm price of soybeans (in dollars per bushel) and QD is the quantity of soybeans demanded (in billions of bushels), and the supply curve for soybeans in the United States is P = -2.6 + 2QS, where QS is the quantity of wheat supplied (in billions of bushels), what is the equilibrium price of soybeans? What is the equilibrium quantity of soybeans sold? Must the actual price equal the equilibrium price? Why or why not?
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