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Industry supply and demand are given by qd 1000 - 2p and

Industry supply and demand are given by Q_D = 1000 - 2P and Q_S = 3P.

a. What is the equilibrium price and quantity?

b. At a price of $100, will there be a shortage or a surplus, and how large will it be?

c. At a price of $300, will there be a shortage or a surplus, and how large will it be?

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Business Economics: Industry supply and demand are given by qd 1000 - 2p and

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