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What short run and long run impacts of such a price ceiling

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Question 1: In this scenario, the regulatory board imposed a price ceiling on the Onus monopoly ferry operator that was calculated to be below the ferry operator's lowest ATC, but well above its lowest AVC. Explain in significant detail, what will be the short run and long run impacts of such a price ceiling on the Onus monopoly ferry operator's profits and continued ability to provide service to the inhabitants of the island of Onus.

Question 2: In this scenario, the regulatory board imposed a price ceiling on the Onus monopoly ferry operator that was calculated to be well above the ferry owner's lowest AVC and equal to the ferry owner's lowest ATC. Explain in significant detail, what will be the short run and long run impacts of such a price ceiling on the Onus monopoly ferry operator's profits and continued ability to provide service to the inhabitants of the island of Onus.

Reference no: EM132472649

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