Complete the following table and determine the point of profit maximization.
Definitions:
Quantity Supplied
The total amount of a product that producers are willing and able to sell at a given price over a specified period.
Equilibrium Price
The price at which the quantity of a good or service offered by suppliers equals the quantity demanded by consumers.
Shortage
A market condition where the demand for a product exceeds its supply at a particular price, often leading to price increases.
Market Price
Represents the amount of money that a buyer is willing to pay and a seller is willing to accept for a good or service at a particular time.
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