what is the equilibrium price and quantity, Accounting Basics

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The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.

Q_d = 424 - 40P

Q_s = 40 + 8P

a. What is the equilibrium price and quantity for the industry?

b. If the government establishes a price floor of $9, explain what will result in terms of excess demand or supply.

c. If the government establishes a price ceiling of $6, explain what will result in terms of excess demand or supply.

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