Suppose the Republic of Controllistan is hit by an epidemic against which masks are effective. As...

Suppose the Republic of Controllistan is hit by an epidemic against which masks are effective. As demand surges, the price of masks goes up too (suppliers are slow to respond). Troubled by this development, the President of Controllistan decides to impose a cap on the price of masks, setting the price of masks much lower than the current equilibrium price. Use simple demand and supply diagram to illustrate the consequences of the price cap and comment briefly.

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