The figure below shows the market for cotton fabric:
(a.) If the price in the market is $8.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?
(b.) If the price in the market is $5.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?
(c.) If the price in the market is $2.00, would the market be at equilibrium? If not, is there a shortage or a surplus? How large is the shortage or surplus?
Definitions:
Distress
Emotional strain or suffering characterized by feelings of anxiety, sorrow, or pain.
Voices
Auditory hallucinations often experienced in conditions such as schizophrenia.
Racecar Driving
The competitive sport involving the racing of automobiles on a track or closed circuit.
Abnormality
A deviation from the norm or average, often used in a clinical context to describe behaviors, feelings, or thoughts that are considered significantly different from societal standards.
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