Given the information in Figure 9: a) Is $16 a price ceiling or a price fl oor?
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Given the information in Figure 9: a) Is $16 a price ceiling or a price fl oor? b) Is there a shortage or a surplus? c) How much is it (in units of quantity)?
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Price ($) 56 52 48 44 40 36 32 28 24 20 16 12 8 4 Figure 9 10 20 30 40 Quantity S D 50 60
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