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Question-
Assume market demand and supply are given by Qd = 100 - 2P and QS = 5 + 3P. If a price ceiling of $15 is imposed,
a) there will be a surplus of 40 units.
b) there will be neither a surplus or shortage.
c) there will be a shortage of 40 units.
d) there will be a shortage of 20 units.
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