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Suppose the free-market equilibrium price for ice time at privately operated hockey arenas is $250 per hour. If the municipal government imposes a price ceiling

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Suppose the free-market equilibrium price for ice time at privately operated hockey arenas is $250 per hour. If the municipal government imposes a price ceiling of $130 per hour, we can expect to see O an excess demand for ice time O an excess supply of ice time O an adjustment of the free-market equilibrium price to $100 O a black market price below the free-market equilibrium price O that neither excess supply nor excess demand is created

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