If the government imposes a price ceiling $50 per unit in the above market then which of the following would happen? O Surplus in the market. O Shortage in the market. O Neither surplus nor shortage in the market. O The market will stay at the equilibrium level. QUESTION 7 When the taxes are imposed O government does not gain anything out of it. O government distributes the tax revenue among the buyers and sellers. O government earns tax revenue based on quantity sold after taxes. O government earns tax revenue based on quantity demanded after taxes.

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