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What is the competitive market equilibrium

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Reference no: EM132151933

Demand : P= 500 -2q

Supply : P= 25 + 0.5q

Suppose the government imposes a price ceiling of $100.

1. What is the competitive market equilibrium?

2. What is the change in welfare to producers?

3. What is the change in welfare to consumers?

Reference no: EM132151933

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