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Assume that the market for Good X is defined as follows: QD = 64 - 16P and QS = 16P - 8. If the government

Assume that the market for Good X is defined as follows: QD = 64 - 16P and QS = 16P - 8. If the government restricts output in this market to 24 units, what is the loss in consumer and producer surplus associated with this policy?

Answer choices: $64, $48, $25, $9, $1

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