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QUESTION 1 1. Refer to the accompanying diagram depicting a competitive market. If the government imposes a price ceiling of P1, using the areas in...

  1. help with homework the homework is on file attached 


QUESTION 1 1. Refer to the accompanying diagram depicting a competitive market. If the government imposes a price ceiling of P1, using the areas in the graph below, identify the most that consumers can gain from such a move. In other words, provide a maximum and a minimum limit to the possible change in consumer surplus from the imposition of this price ceiling. QUESTION 2 1. Refer to the accompanying diagram depicting a competitive market. If the government imposes a price ceiling of P1, using the areas in the graph above, identify the most that consumers can lose from such a move.
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