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1. Markets tend toward equilibrium and, as a result, will tend to eliminate shortages and surpluses. Why?
2. What is the difference between a shift of the demand curve and movement along the demand curve? Make sure to explain what determinants can cause a shift and movement along the demand curve.
3. Explain the impact of:
a. A rent ceiling set below the equilibrium price.
b. A price floor set above the equilibrium price
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