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There are too many fixed gear bikes in Hipsterland and city leaders are looking for ways to reduce the quantity. They are considering policies that

There are too many fixed gear bikes in Hipsterland and city leaders are looking for ways to reduce the quantity. They are considering policies that would reduce the number of fixed gear bikes.

2. Suppose the municipality imposes a price ceiling of $70 in the market for fixed gear bikes. Find the deadweight loss created by this price floor and show it on a graph.Answer:

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