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Market demand is given as QD = 150 - 3P. Market supply is given as QS = 2P + 50. Which legally imposed price would
Market demand is given as QD = 150 - 3P. Market supply is given as QS = 2P + 50. Which legally imposed price would constitute a binding price ceiling?
a. $10
b. $20
c. $23
d. $26
Market demand is given as QD = 120 - 2P. Market supply is given as QS = P + 30. Which legally imposed price would constitute a binding price floor?
a. $10
b. $15
c. $30
d. $45
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