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Question 3. Assume the government sets the price for a good below market equilibrium. Briefly explain what will happen to demand and supply and what

Question 3.

Assume the government sets the price for a good below market equilibrium.

Briefly explain what will happen to demand and supply and what kind of factors will determine the discrepancy between them. How will it affect the prices of substitutes? (15 marks)

*Use diagrams where relevant.

Use your own words.

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