I don't know the answer. The documentation says the rules are executed in order. I'm guessing [hoping] the rule processing stops on the first match. https://documentation.meraki.com/MX/Firewall_and_Traffic_Shaping/SD-WAN_and_Traffic_Shaping#Creating_Shaping_Rules Also note the warning: "Note: Traffic shaping rules for applications are applied per-flow, so setting a limit of 5 Mbps to three different applications will allow 5 Mbps to each application." If you assume this the answers to your questions pop out.
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