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TRUE/FALSE: Please determine whether the following sentences is true or false. And explain your answer. If a price ceiling of $2.50 per gallon is imposed

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TRUE/FALSE: Please determine whether the following sentences is true or false. And explain your answer. If a price ceiling of $2.50 per gallon is imposed on gasoline and the market equilibrium price is $2, then the price ceiling is a binding constraint on the market and creates shortage i the market

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