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The equilibrium price in a market is the price where the quantity demanded of the products are equal
The equilibrium price in the market is $2
<h3>How to determine the
equilibrium price </h3>
From the given supply and demand data for wheat:
When the price is $2, the quantity demanded and the quantity supplied for wheat is 61
This means that the equilibrium price $2
Hence, the equilibrium price in the market is $2
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Answer:
0.0545454545455
Step-by-step explanation: