- Explain how the Laws of Supply and Demand are illustrated in this graph.
- Describe the equilibrium price and quantity in this market.
- Assume that the government imposes a price floor of $12 in the E-Book market. Explain what would happen in this market.
- Assume that the price floor is removed and a price ceiling is imposed at $6. Explain what would happen in this market.
- Now, assume that the price of E-Readers (used with E-Books) drops from $60 by fifty percent. How would this change impact the demand for E-Books? Explain your answer. Then, reconstruct your original graph to show this change and place it in your MS Word document below your explanation.
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