Homework Help: economic

Posted by shirley on Sunday, October 15, 2006 at 3:42pm.

If the Government fixes the price of this product at $2 explain what would happen in the market.

Draw a supply and demand curve for "this" product. Is the fixed price above or below the market equilibrium? Depending on how you answer, there should be a shortage or a suplus of "this" good.

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