Consider the market shown in Figure 6P-4. The government has imposed a price floor at $36. a.
Question:
a. At a price floor of $36, what is quantity demanded? Quantity supplied?
b. At this price floor, is there a shortage or a surplus? By how many units?
Figure 6P-4:
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a If there is a price floor of 36 the quantity de...View the full answer
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