Question: A recent study found that the demand and supply schedules for hot chocolate are as follows: Price Quantity Demanded Per Month Quantity Supplied Per Month

A recent study found that the demand and supply schedules for hot chocolate are as follows:

Price

Quantity Demanded Per Month

Quantity Supplied Per Month

$5

6,000

10,000

$4

8,000

8,000

$3

10,000

6,000

$2

12,000

4,000

$1

14,000

2,000

a.What are the equilibrium price and quantity for hot chocolate?

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