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1. A free market has a demand curve Qd = 110 - 5p and supply curve...

1. A free market has a demand curve Qd = 110 - 5p and supply curve Qs = -65 + 6p . Calculate the equilibrium price and quantity of this free market. B. A fixed price of $20 was legally implemented; How will this price effect this free market? Explain. C. Draw the supply and demand curve on the Price and Quantity axis; label all points and show all changes on graph due to a controlled price.

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