Question: Part 3: Diagram Problem (10 marks) 3 Using diagrams and short answers, answer the following questions: a. Over what range of prices does a shortage

Part 3: Diagram Problem (10 marks) 3 Using diagrams and short answers, answer the following questions: a. Over what range of prices does a shortage arise? b. What happens to the price when a shortage occurs? c. Over what range of prices does a surplus arise? d. What happens to the price when there is a surplus? e. Explain why the equilibrium price is often called the market-clearing price

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