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Explain the following concepts: Price rationing; Price ceiling; Price floor; Consumer surplus Producer surplus Deadweight loss What are the determinants of price elasticity of demand?

  1. Explain the following concepts:
    1. Price rationing;
    2. Price ceiling;
    3. Price floor;
    4. Consumer surplus
    5. Producer surplus
    6. Deadweight loss
  2. What are the determinants of price elasticity of demand?

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