Market or equilibrium price - demand and supply, Microeconomics

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Suppose the total demand for wheat and the total supply of wheat per month in a market are as follows:

a. What will be the market or equilibrium price? What is the equilibrium quantity?

Fill in the surplus-shortage column and use it to explain why your answers are correct.

2359_Market or Equilibrium Price – Demand and Supply.png

b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price "P" and the equilibrium quantity "Q."

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