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Unformatted text preview: price and equilibrium quantity? How have price and quantity changed? c. Suppose the federal government responds by imposing a price ceiling of $2.00 per gallon. What would be the quantity demanded of gasoline and the quantity supplied of gasoline? How large is the shortage (excess demand) of gasoline? d. What might be a consequence (downside) of the price ceiling?...
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- Spring '08