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In Exhibit 3-14, assume that the price of compact discs is $10 each. This price is: a. an equilibrium price. b. not an equilibrium price

In Exhibit 3-14, assume that the price of compact discs is $10 each. This price is:

a. an equilibrium price.

b. not an equilibrium price because there is an excess quantity supplied at a price of $5.

c. not an equilibrium price because there is an excess quantity demanded at a price of $5.

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