Answer the following: a) What would be the impact of imposing a price floor below equilibrium...

Answer the following: a) What would be the impact of imposing a price floor below equilibrium price? b) What would be the impact of imposing price floor above equilibrium? What happens to economic surplus in the case where there is no price floor and a situation where price floor is imposed above equilibrium. Include hand-drawn graphs.

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Rahul Sunny answered 1 year ago

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