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Suppose the demand and supply functions of a good are specified as follows: QD= 600-2p and QS= -200 + 3P. Equilibrium price and quantity must be:
A. $100 and 250 units respectively
B. $180 and 300 units respectively
C. $130 and 250 units respectively
D. $160 and 280 units respectively
What are the corresponding retail and wholesale prices? What would happen if the sales are switched from the retail to the wholesale and vice versa?
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