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A graph of price, P , versus quantity, Q , shows a supply curve, S , rising linearly from ( 1 5 , 1 )
A graph of price, P versus quantity, Q shows a supply curve, S rising linearly from to and a demand curve, D descending linearly from to The curves intersect at
Refer to Figure When a certain price control is imposed on this market, the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P dollars per unit for that quantity and sellers are willing and able to accept a minimum of P dollars per unit for that quantity. If P P $ then the price control is
a a price ceiling of $
b a price ceiling of $
c a price floor of $
d either a price ceiling of $ or a price floor of $
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