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Suppose that the equilibrium price of a pair of designer Lucky jeans is $300. The government decides that people have a right to an affordable pair of designer Lucky jeans. To protect this new right, the government passes a law setting a maximum price of $100 for jeans. As a result of the legislation, the price of a pair of designer Lucky jeans will be .
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Suppose that the equilibrium price of a pair of designer Lucky jeans is $300. The government decides...
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