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Figure: Understanding Price Ceilings and Floors
-(Figure: Understanding Price Ceilings and Floors)In the graph,if the government sets a price of $75,there is a:

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Use the following to answer questions 
Figure: Understanding Price Ceilings and Floors 
-(Figure: Understanding Price Ceilings and Floors)In the graph,if the government sets a price of $75,there is a:

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A price ceiling set above the equilibrium price creates a surplus because the price is higher than what consumers are willing to pay, leading to excess supply.

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