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08-12-2022
Business

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Refer to Figure 6-8. When the price ceiling applies in this market and the supply curve for gasoline shifts from S 1 to S 2:
a. a surplus will occur at the new market price of P2.
b. the market price will increase to P3.
c. a shortage will occur at the new market price of P2.
d. the market price will stay at P1.

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