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2. If QS= P-40 and QD= 80-P: a. What are the equilibrium price and quantity in this market? b. If the government imposes a price

2. If QS= P-40 and QD= 80-P:

a. What are the equilibrium price and quantity in this market?

b. If the government imposes a price floor of $70, what is the effect on the market?

c. Is there a deadweight loss from the price floor? If so, what is the amount of the loss?

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