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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

. 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
5 300 300
6 275 410
7 260 500
8 230 650
9 200 800
10 150 975

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