Refer to the accompanying diagram depicting a competitive market. If the government imposes a price ceiling of
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a) The most that consumers can gain from such a move.
b) The most that consumers can lose from such a move.
In other words, provide a maximum and a minimum limit to the possible change in consumer surplus from the imposition of this price ceiling.
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a b If the government does not impose a price ceiling then the market will clear ...View the full answer
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