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Asked Feb 18, 2020
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on a supply and demand diagram show equilibrium price equilibrium quantity, and the total revenue received by producers.

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Expert Answer

Step 1

Figure (1) below depicts the market for a particular good. Here x-axis and y-axis measure the quantity and price of the good respectively. The equilibrium occurs at point E, where downward sloping demand curve (DD) and upward sloping supply curve (SS) intersect.

The equilibrium quantity and equilibriu...

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