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. $40.
B. $140.
C. $80.
D. $110.
Answer: C
Economics
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