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Consider the market for some product X that is represented in 38.00- the demand-and-supply diagram. 34.00- For each of the legislated price 30.00- controls listed,

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Consider the market for some product X that is represented in 38.00- the demand-and-supply diagram. 34.00- For each of the legislated price 30.00- controls listed, determine the 26.00- price and quantity exchanged S after imposition of control, 22.00- whether a shortage or surplus Price ($) develops, and if so, how much. 18.00- -- a. a price floor at $14 per unit 14.00- 10.00- The price is $ 14 and the quantity exchanged is 100 6.00- D This means that there is 2.00- a shortage of 150 units 50 100 150 200 250 300 350 (Type whole numbers.) Quantity (units per day)

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