Assume the government imposes a price ceiling on the cigarette market. Construct a cigarette demand and supply market. EXPLAIN (5) how non-binding and/ binding price ceilings cause a decrease in market efficiency.

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Assume the government imposes a price ceiling on the cigarette market.
Construct a cigarette demand and supply market. EXPLAIN (5) how
non-binding and/ binding price ceilings cause a decrease in market
efficiency.

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