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What effect does forcing the price down on producer surplus

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Reference no: EM131607320

Question: Rent controls on apartments are an example of price controls on a commodity. They keep the price artificially low (below the equilibrium price). Sketch a graph of supply and demand curves, and label on it a price p- below the equilibrium price. What effect does forcing the price down to p- have on:

(a) The producer surplus?

(b) The consumer surplus?

(c) The total gains from trade (Consumer surplus + Producer surplus)?

Reference no: EM131607320

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