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There have been two notions of equilibrium to this point in the course. The first involves a societal PPF, budget/revenue line, and societal IC that
There have been two notions of equilibrium to this point in the course. The first involves a societal PPF, budget/revenue line, and societal IC that shows the exact same amount of good 1 being produced as is consumed (and the same for good 2). The second involves the intersection of supply and demand curves for a single good. Show each of these graphically.
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