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Use the following data to draw supply and demand curves on the accompanying graph.
Price
$ 8
7
6
5
4
3
2
1
Quantity demanded
8
9
Quantity supplied
10
(a) What is the equilibrium price?
(b) If a minimum price (price floor) of $6 is set,
(i) What kind of disequilibrium situation results?
(ii) How large is it?
(c) If a maximum price (price ceiling) of $3 is set,
(i) What disequilibrium situation results?
(ii) How large is it? Illustrate these answers.
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