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An effective price ceiling in the market for good X will result in: (a) a persistent glut of good X b) a persistent shortage of
An effective price ceiling in the market for good X will result in:
(a) a persistent glut of good X
b) a persistent shortage of good X
c) A fall in demand for Z which is a complementary good of X
d) A shift to the right of the supply of X
For each of the alternatives, argue which is true, false or uncertain and why.
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