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Using the following schedule, define the equilibrium price and quantity. Describe the situation at a price of $10. What will occur? Describe the situation at a price of $2. What will occur?
Price
Quantity demanded
Quantity supplied
$1
500
100
$2
400
120
$3
350
150
$4
320
200
$5
300
$6
275
410
$7
260
$8
230
650
$9
800
$10
975
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