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In a competitive market, the demand is, Q. = 343 - 1.9P. The supply of beef is Qs = - 125 + 4.3 P, if
In a competitive market, the demand is, Q. = 343 - 1.9P. The supply of beef is Qs = - 125 + 4.3 P, if P > 125/4.3. Without any price controls, what is the equilibrium price? Without any price controls, what is the equilibrium quantity sold? What is the shortage if there is a price ceiling of $80? (Put "O" if there is no shortage.) What is the surplus if there is a price floor of $100? (Put "O" if there is no surplus.)
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