Question: please answer this question short answer is ok Use the below diagram to answer the following question Price (dollars) 4 Quantity a] What is the

please answer this question short answer is ok

please answer this question short answer is ok
Use the below diagram to answer the following question Price (dollars) 4 Quantity a] What is the equilibrium price and quantity? [2 Marks} b] At a price of $2, is there a shortage or surplus and by how much? [2 Marks} :2] At a price of $7, is there a shortage or surplus and by how much? (2 Marks) cl] If there were to be an increase in the cost of labour, what affect would that have on price and what affect would that have on quantity? [2 marks}

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