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Suppose that demand in the market for good X is given by the equation and that supply in the market for good X is given

Suppose that demand in the market for good X is given by the equation

and that supply in the market for good X is given by the equation

1.Refer to the Scenario described above. If the government set a price ceiling at $8, would there be a shortage or surplus, and how large would be the shortage/surplus?

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