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A) If a
B) If the price ceiling was still in effect at “Pc”, what area would represent the potential “black market” which could arise? What would be the price and quantity sold in the “black market”?
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- A supple curve for which of the following products would likely be the most inelastic? a. Car b. A glass of lemonade c. A radio d. a pair of jeansUsing graph, explain when consumer is in equilibrium? Draw the graph ( curves )explain how income and price of related goods can affect the quantity demanded of a good using graph and example
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