Using the following schedule, (5) find the equilibrium price and quantity. (6) Describe the situation at a price of $10. What will occur to price? (7) Describe the situation at a price of $2. What will occur to price?               price Quantity demanded Quantity supplied $ 1 500 100 $2 400 120 $3 350 150 $4 320 200 $5 300 300 $6 275 410 $7 260 500 $8 230 650 $9 200 800 $10 150 975

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