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Industry supply and demand are given by: QD = 1000 - 2P and QS = 3P a

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Industry supply and demand are given by: QD = 1000 - 2P and QS = 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? At a price of $300, will there be a shortage or a surplus, and how large will it be?

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