Consider a Market for Fish Whose Market Demand and Market

question 54

Multiple Choice

Consider a market for fish whose market demand and market supply for fish are specified as Qd = 300 − 2.5P and Qs = − 20 + 1.5P, respectively. The government decides to impose a price ceiling of $50 per ton. The possible black market price after the ceiling is:

• A) $140.
• B) $110.
• C) $80.
• D) $40.

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