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In the graph here you will draw two different demand curves.
1. Use the infinite line too to draw a demand curve that is perfectly elastic at a price of $50. Label this curve D-Elastic.
2. Use the infinite line tool to draw a demand curve that is less elastic than D-Elastic, but not perfectly inelastic. Label this curve D-Less-Elastic.
Make sure that it intersects D-Elastic.
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In a competitive market, the market demand is Qd = 400 - 5P and the market supply is Qs = 10P - 80. A price ceiling of $32 will result in a. a shortage of 80 units b. a shortage of 44 units
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