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10. Suppose the quantity supplied decreased by 2,000 gallons per month at each price for prices
between $4 and $8 per gallon. At prices less than $4 per gallon the quantity supplied becomes zero,
while the quantities demanded retain the values shown in the table. At a price of $4 per gallon, how
much would the surplus or shortage be? Graph the demand and supply curves and show the surplus or
shortage.

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At a price of r gallon,... View the full answer

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