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Part A (6 points) Suppose the market currently consists of only high-quality umbrellas and the market price is $12. Is this a sustainable equilibrium? Explain.

Part A (6 points) Suppose the market currently consists of only high-quality umbrellas and the market price is $12. Is this a sustainable equilibrium? Explain. Part B (4 points) Is it an equilibrium for all firms to produce only low-quality umbrellas? Explain

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