How do the equilibrium price and quantity change

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Reference no: EM13683910

Presume that the demand curve for wheat is

Q = 140 - 10P and the supply curve is Q = 10p

The government imposes a price ceiling of p = $4 per unit.

How do the equilibrium price and quantity change?

The equilibrium quantity with the price ceiling is __.

The equilibrium quantity without the price ceiling is __ and the price without the price ceiling is __.

Reference no: EM13683910

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