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Draw a basic supply and demand curve for facemasks

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Reference no: EM132640006

By now it is very easy to find facemasks; however, at the beginning of the pandemic facemasks were scarce. Retailers were charging up to $10 for a single-use disposable face mask.

Suppose a law is passed that caps the price of a single-use disposable face mask at $2.50.

-Draw a basic supply and demand curve for facemasks.

-Explain the impact the new law would have on the facemask market, and illustrate it on your graph.

-who benefits from the new law?

-What economic concept is illustrated by this problem?

Reference no: EM132640006

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