Using the data provided in the accompanying table, fill in the last column and then provide answers
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Question:
Using the data provided in the accompanying table, fill in the last column and then provide answers to the following:
1. Suppose a price ceiling of $8 is established. Does a surplus or shortage result? What is the amount of surplus or shortage?
2. Suppose a price ceiling of $12 is established. What is its effect?
3. Suppose a price floor of $12 is established. Explain its effect.
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