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In Country Faraway, cigarettes are forbidden, so people trade cigarettes in a black market. The cigarette demand is QD = 12 P , and the

In Country Faraway, cigarettes are forbidden, so people trade cigarettes in a black market. The cigarette demand isQD= 12 P, and the cigarette supply isQs= 2P.

Find the equilibrium price and quantity in the black market.

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