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Consider the market for some product X that is represented in the demand-and-supply diagram. For each of the legislated price controls listed, determine the price

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Consider the market for some product X that is represented in the demand-and-supply diagram. For each of the legislated price controls listed, determine the price and quantity exchanged after 38.00- imposition of control, whether a shortage or surplus develops, and if so, how much. 34.00- a. a price floor at $14 per unit 30.00- The price is $ and the quantity exchanged is . This means that there is 26.00- a shortage of 4 units 22.00- (Type whole numbers.) Price ($) 18.00- 14.00- 10.00- 6.00- 2.00- O -N Quantity (units per day)

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