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Question - Consider the following supply and demand table for dark chocolate.
Price per bar:
Quantity supplied
Quantity demanded
$0.50
10
75
$1.00
20
55
$2.00
35
$3.00
50
25
$5.00
60
Use this information to answer the following questions. Explain your answer clearly, and fully.
(a) Draw the supply and demand curves in a clearly labelled diagram.
(b) What is this market's equilibrium price and quantity?
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The relative price an equilibrium price?
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