Referring to the market represented in Exhibit 1, without any controls, the price and quantity that will prevail in the above market will be: O PE and QE PHigh and Q2 PHigh and Q1 PControl and Q1 OPControl and Q2 Exhibit 1 shows a market with a price control (either a ceiling or a floor). Assume that this price control is finding its way onto the market at the urging of orange growers. Exhibit 1: Price Controls Poranges PHigh PE PContal Q₁ QE Q₂ D Qoranges

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