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In 2000 and 2001, California faced an electricity crisis. The state of California regulated retail electricity...

In 2000 and 2001, California faced an electricity crisis. The state of California regulated retail electricity prices. (They put a price ceiling on consumer electricity prices.) However, wholesale prices (low at the time of initial regulation) were allowed to fluctuate. Over time, wholesale prices rose, yet the price ceiling prevented retail prices from increasing. How did this policy affect supply and demand? Try and graph this out.

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