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(Questions 21 and 22) Suppose that there is an efficient output market with upward-sloping supply curve and downward-sloping demand curve. The initial equilibrium outcome consists

(Questions 21 and 22) Suppose that there is an efficient output market with upward-sloping supply curve and downward-sloping demand curve. The initial equilibrium outcome consists of X*and P*.

Price Supply (MC) A PT C D B P- H G Po K Demand (MB ) XT Quantity of good X

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