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The demand curve for hats are P = 75 – 6Qd and the supply curve for...

The demand curve for hats are P = 75 – 6Qd and the supply curve for hats are P = 35 + 2Qs. Given this information, consider the scenario below: "The price of a hat was set at $50". Then the market would experience

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Answer #1

When market price is set at P = 50. It is above of equilibrium price. And at this price supply of hat will exceed the demand of hat resulting the excess supply of hat.

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