Question: Take any example and explain why an equilibrium point in a free market is considered to be the socially efficient point. Sketch a graph to

Take any example and explain why an equilibrium point in a free market is considered to be the socially efficient point. Sketch a graph to depict a situation where a government price ceilingleads to inefficiency. Show why the inefficiency exists and shade the area that shows the lost benefit that creates the inefficiency.

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