Business, 02.03.2021 02:50, divagothboi

Suppose the current price of a good is $55. At this price, the quantity supplied is 165 units, and the quantity demanded is 240 units. For every $1 increase in price, the quantity supplied increases by 5 units and the quantity demanded decreases by 10 units. At the current price, the quantity demanded isgreater than the quantity supplied. This means that the market is currently experiencing asurplus . In order to adjust, the market price willincrease until the quantity demanded and quantity supplied are equal. The result is an equilibrium quantity of and an equilibrium price of $ .

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Suppose the current price of a good is $55. At this price, the quantity supplied is 165 units, and t...