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9. Consider the following market: Quantity Supplied Quantity Demanded 5. ?2 144 136 100 Quantity Quantity Surplus or Size of Quantity Demanded Supplied Shortage Surplus

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9. Consider the following market: Quantity Supplied Quantity Demanded 5. ?2 144 136 100 Quantity Quantity Surplus or Size of Quantity Demanded Supplied Shortage Surplus or Sold Shortage Now assume that due to a change in the market the following happens: Price Quantity Supplied Quantity Demanded $15136 $20120 100 $25 a. Is this a change' In supply or demand? Is it an increase or a decrease? l]. State one thing that may have caused this change. c. If the $15 price ceiling is still in effect, find the i. Price ii. Quantity Sold d. What effect will the $15 price ceiling have on the market now? Explain

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