Suppose that in a recent market period, the following relationship existed between the price of tablet devices and the quantity supplied and quantity demanded.

Graph the supply and demand curves for tablet devices using the information in the table. What are the equilibrium price and quantity? If the industry price is $340, is there a shortage or surplus of tablet devices? How much is the shortage or surplus?

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Price $330 $340 $350 $360 $370 Quantity Demanded (Millions) 100 90 80 70 60 Quantity Supplied (Millions) 40 60 80 100 120