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uppose that demand is given by the equation = -8.8Q + 60 and supply is given by the equation = 3.2Q + 12. Suppose the government sets the price at $33.60, a at price a price ceiling, a price floor, or neither? IfP = $33.60 is there a shortage, a surplus, or neitl IfP = $33.60, what quantity will be sold in the mark

uppose that demand is given by the equation = -8.8Q + 60 and supply is given by the equation = 3.2Q + 12. Suppose the government sets the price at $33.60, a at price a price ceiling, a price floor, or neither? IfP = $33.60 is there a shortage, a surplus, or neitl IfP = $33.60, what quantity will be sold in the mark

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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a. If P = $33.60, there is a Suppose that demand is given by the equation P = -8.8Q + 60 and supply is given by the equation P = 3.2Q + 12. O A. neither O B. price ceiling a.Suppose the government sets the price at $33.60, and this prevents the price from adjusting to the market equilibirium. Is that price a price ceiling, a price floor, or neither? O C. price floor b. If P = $33.60 is there a shortage, a surplus, or neither? b. If P = $33.60, there is a c. If P = $33.60, what quantity will be sold in the market? O A. surplus O B. neither OC. shortage c. If P = $33.60, units will be sold in the market.
Transcribed Image Text:a. If P = $33.60, there is a Suppose that demand is given by the equation P = -8.8Q + 60 and supply is given by the equation P = 3.2Q + 12. O A. neither O B. price ceiling a.Suppose the government sets the price at $33.60, and this prevents the price from adjusting to the market equilibirium. Is that price a price ceiling, a price floor, or neither? O C. price floor b. If P = $33.60 is there a shortage, a surplus, or neither? b. If P = $33.60, there is a c. If P = $33.60, what quantity will be sold in the market? O A. surplus O B. neither OC. shortage c. If P = $33.60, units will be sold in the market.
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