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{"ops":[{"insert":"Assume Diagram 1\u00a0below\u00a0represents a competitive market.\u00a0\n\u00a0\n"},{"attributes":{"italic":true,"bold":true},"insert":"Diagram 1"},{"insert":"\n\u00a0\na.\u00a0What is the\u00a0overall\u00a0market situation at a price of $5?\u00a0\nb.\u00a0What changes in supply and\/or demand\u00a0would\u00a0cause the equilibrium market price to fall to $2 (list all possibilities)?\nc.\u00a0If\u00a0the\u00a0government\u00a0imposed a\u00a0price ceiling of $3 per unit, how does this change the market situation?\nd.\u00a0Suppose the product represented in the graph is a gallon of regular milk. If this were soy milk instead,\u00a0how do you think the demand curve in this case would change? Explain.\n"}]}
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