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Figure: Determining Surplus and Loss
-(Figure: Determining Surplus and Loss)In the graph,if government sets a price of $12,there is a shortage of 40.

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Figure: Determining Surplus and Loss 
-(Figure: Determining Surplus and Loss)In the graph,if government sets a price of $12,there is a shortage of 40.

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In the graph, if the government sets a price of $12, the quantity demanded is 60 and the quantity supplied is 20, resulting in a surplus of 40, not a shortage.

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