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The excess demand associated with a binding price ceiling will be the smallest when A) both supply and demand are highly elastic. B) both supply

The excess demand associated with a binding price ceiling will be the smallest when

A) both supply and demand are highly elastic.

B) both supply and demand are highly inelastic.

C) supply is highly elastic and demand is highly inelastic.

D) supply is highly inelastic and demand is highly elastic.

E) none of the above.

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