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The government is worried about inflation (average prices in the economy rising) and wants to limit it by setting a price ceiling for gasoline. The current equilibrium price of gasoline is $1.25. The government decides to set the price ceiling at $1. a. (5 points) Will this policy help reduce the price paid? Explain. b. [5 points) What will happen to the amount of gasoline traded if this policy is introduced? Explain. c. (10 points) Explain whether this policy will hurt or help gasoline buyers

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