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If the price ceiling or price floor is ineffective, are the new consumer surplus, producer surplus and quantity supplied equal to the ones in a free market since it has no effect. Or is it equal to 0?
And also, when the price ceiling is effective does the new consumer surplus compared to the equilibrium goes up, or goes down? (please provide explanation)
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Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium.
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