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In a competitive market, the market deman is Qd = 150 - 2P and the market supply is Qs = 30 +4P. A price ceiling

In a competitive market, the market deman is Qd = 150 - 2P and the market supply is Qs = 30 +4P. A price ceiling of $16 will result in a

shortage of 24 units

shortage of 34 units

surplus of 58 units

surplus of 34 units

Please show work.

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