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Economic.. Price (dollars per t-shirt) 7 S= MC 5 D=MB w . .. 2 . . . . .. 0 5 10 15 20 25

Economic..

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Price (dollars per t-shirt) 7 S= MC 5 D=MB w . .. 2 . . . . .. 0 5 10 15 20 25 30 35 40 Quantity (thousands of t-shirts) Find the following: Free market Consumer Surplus, Producer Surplus and Total Surplus If Government imposes a binding, effective price ceiling of $4 what will the price buyers pay and seller receive be afterward assuming no illegal transactions? What will the new CS, PS and DWL be after the imposition of the price ceiling

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