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Suppose the local municipality imposes a price ceiling on this market. The price ceiling is set at $150 below the price profit-maximizing price that you

Suppose the local municipality imposes a price ceiling on this market. The price ceiling is set at $150 below the price profit-maximizing price that you found in part c above (that is, = 150). What will be the likely effect of this price ceiling on the quantity of rooms and the deadweight loss? (circle the correct responses) The quantity sold will: INCREASE | DECREASE | REMAIN THE SAME Deadweight loss will: INCREASE | DECREASE | REMAIN THE SAME

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