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1. Examining the market for Washington Capitals cotton hockey T-shirts, show and explain what happens to the equilibrium Price and Quantity when: (two different scenarios,

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1. Examining the market for Washington Capitals cotton hockey T-shirts, show and explain what happens to the equilibrium Price and Quantity when: (two different scenarios, two different graphs) A. The Capitals win the Stanley Cup. B. The price of cotton increases. 3. For the below question, please explain the problem that this artificial price will create. In order to get more votes for reelection, the mayor of your town decides to lower the price of taxi rides to a price that is below the market equilibrium. Explain and show on a graph if this is an example of a price ceiling or price floor. Explain what problem this artificial price likely will create

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