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Assume that the demand and supply functions for each bottle of Beer ABC are: Q D = 1,000 - 400P Q S = 100P If

Assume that the demand and supply functions for each bottle of Beer ABC are:

Q_D= 1,000 - 400P

Q_S= 100P

If a price ceiling is set at $2.50 for each bottle, what will be the impact on the market equilibrium? Any changes in quantity demanded or quantity supplied?

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