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I. Governments can impose laws and regulate prices in the market. Should governments interferein the interaction of demand and supply in the market? Why? If

I. Governments can impose laws and regulate prices in the market. Should governments interferein the interaction of demand and supply in the market? Why? If yes, give specific advantages, ifno,givespecific disadvantages.

II. whatwouldhappentothepriceelasticityofdemandforSelectaicecreamwheneachofthefollowingeventsoccur. Indicateifit willincrease,decrease, or remainthesame,andwhy.

Otherdairy-basedmanufacturers,suchasAlaska andAnchor,decided tomakeandsellicecreams.

Icecreamsfromforeign countrieshasbeenbanned inthePhilippinemarket.

Due to advertising,peoplenow believe thatonlySelectaicecreamshelpthelocalfarmers.

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