Using the tables in Check Your Understanding Questions 1 and 2 in Module 49, find the

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QUESTION:

Using the tables in Check Your Understanding Questions 1 and 2 in Module 49, find the equilibrium price and quantity in the market for cheese-stuffed jalapeo peppers. What is the total surplus in the equilibrium in this market, and how much of it does each consumer and producer receive?

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QUESTION:

Using the tables in Check Your Understanding Questions 1 and 2 in Module 49, find the equilibrium price and quantity in the market for cheese-stuffed jalapeo peppers. What is the total surplus in the equilibrium in this market, and how much of it does each consumer and producer receive?

ANSWER:

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Market equilibrium expresses the state of the market where the market forces remain in a proper alignment with each other, as market demand can be met by the market supply.

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