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QUESTION
The market for plywood is characterized by the following demand and supply equations:
The market for plywood is characterized by the following demand and supply equations: QD = 800 - 10P and QS = 50P - 1,000, where P is the price per sheet of plywood and Q measures the quantity of plywood. What happens to producer surplus if the government imposes a price ceiling of $25 per sheet of plywood?
