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The graph below represents the market for flank steak in a specific town. Calculate the value of consumer surplus: When the market price is allowed
- The graph below represents the market for flank steak in a specific town. Calculate the value of consumer surplus:
- When the market price is allowed to prevail, and
- When the town passes a law setting a price ceiling for flank steak of $13 per pound, what is the value of the deadweight loss after the town passes that law?
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