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If a supply curve goes through the point P = $10 and Qs = 320, then
a. $10 is the highest price that will induce firms to supply 320 units
b. $10 is the lowest price that will induce firms to supply 320 units
c. at a price higher than $10 there will be a surplus
d. at a price lower than $10 there will be a shortage
What is the difference between the short-run framework and the long-run framework? Discuss how each relates to supply and demand.
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