Question: Price($) Quantity demanded (millions) Quantity supplied 20 4 25 18 8 22 16 12 19 14 16 16 12 20 13 10 24 10 8

Price($) Quantity demanded (millions) Quantity supplied

20 4 25

18 8 22

16 12 19

14 16 16

12 20 13

10 24 10

8 28 7

6 32 4

A) What is the equilibrium price?

B) Suppose the government imposes a price floor of $16 for a cd. What is the result?

C) Suppose the government imposes a price ceiling of $8 for a cd. What is the result?

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