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Qd= 800-16P Qs= -40+4P Assume the government places a price ceiling at $3 below the mkt...

Qd= 800-16P

Qs= -40+4P

Assume the government places a price ceiling at $3 below the mkt equilibrium price.

What will be the effect?

Question 7 options:

There will be a shortage of 50 units

There will be a surplus of 50 units

There will be a shortage of 60 units

There will be a surplus of 60 units
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