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Refer to Exhibit 3-14. If price P 2 is a price ceiling, then a. the price at which exchange legally takes place is P 2

Refer to Exhibit 3-14. If price P 2 is a price ceiling, then

a.

the price at which exchange legally takes place is P2.
b.

the highest price that can legally be charged in this market is P3.
c.

the quantity exchanged is less than the quantity demanded.
d.

there is a shortage in this market.

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