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Explain types of long run supply curves the real industries

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Reference no: EM13119799

Question

(a) Explain why governments sometimes impose a price ceiling in a competitive market. Illustrate the effects with the diagram.

Choose a case study where a price ceiling has been used. Identify why the price ceiling was thought to be necessary in this market. Identify the results of the government intervention. Suggest a better way of dealing with the issue in your case study.

(b) Explain three types of long run supply curves using the real industries.

Reference no: EM13119799

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