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Competitive market-market demand

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Reference no: EM131239349

In a competitive market, the market demand is Qd= 150 - 2P and the market supply is Qs= 30 + 4P. A price ceiling of $16 will result in a shortage of 24 units.

Instructions: Show work or Explain how a shortage of 24 units was derived.

Reference no: EM131239349

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