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-The Table Above Gives the Demand and Supply Schedules for CDs

Question 374

Essay

-The table above gives the demand and supply schedules for CDs. a) According to the table, what is the equilibrium price? b) Suppose the government imposes a price floor of $16 for a CD. What is the result? c) Suppose the government imposes a price ceiling of $8 for a CD. What is the result?
-The table above gives the demand and supply schedules for CDs.
a) According to the table, what is the equilibrium price?
b) Suppose the government imposes a price floor of $16 for a CD. What is the result?
c) Suppose the government imposes a price ceiling of $8 for a CD. What is the result?

Correct Answer:

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a) The equilibrium price is $14 for a CD...

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