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Price Quantity Supplied Quantity Demanded $160 60000 200,000 $200 90000 160,000 $240 120000 120,000 $280 150000 80,000 $320 180000 40,000 If the government intervened and
Price Quantity Supplied Quantity Demanded
$160 60000 200,000
$200 90000 160,000
$240 120000 120,000
$280 150000 80,000
$320 180000 40,000
- If the government intervened and stated that the price for the textbooks was to be set at
$160, would they be setting a price ceiling OR a price floor, so as to impact the market as
per the definition of what a price control is intended to do? Explain.
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