Question: Market demand is given as QD = 150 - 3P. Market supply is given as QS = 2P + 50. Which legally imposed price would

Market demand is given as QD = 150 - 3P. Market supply is given as QS = 2P + 50. Which legally imposed price would constitute a binding price ceiling?

a. $10

b. $20

c. $23

d. $26

Market demand is given as QD = 120 - 2P. Market supply is given as QS = P + 30. Which legally imposed price would constitute a binding price floor?

a. $10

b. $15

c. $30

d. $45

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