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The graph below shows the weekly short-run and long-run demand and supply curves for private tutoring for a Principles of Economics class. The market price
The graph below shows the weekly short-run and long-run demand and supply curves for private tutoring for a Principles of Economics class. The market price for an hour of tutoring is $64, and the market quantity is 63 hours per week. The dean of students believes this price is unfair to students taking the course and sets a price ceiling 50% below the current market price. Shift the horizontal PC line to the correct position
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