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Using the demand and supply framework, predict the effects of this price floor on the price, quantity demanded, and quantity supplied. With the enactment of

  1. Using the demand and supply framework, predict the effects of this price floor on the price, quantity demanded, and quantity supplied.
  2. With the enactment of this price floor for natural gas, what are some of the likely unintended consequences in the market?
  3. Suggest some policies other than the price floor that the government can pursue if it wishes to encourage drilling for natural gas and for a new pipeline in Alaska.

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