Below is a graph of the market for apples annually. Assume the government has imposed a price floor of $10 per crate.  Use the graph and assumption to answer questions 1a – 1c. What are the original market equilibrium price and quantity for apples before the price floor is imposed? How many crates of apples will be sold after the price floor has been imposed? Will there be a shortage or a surplus? If there is a shortage or a surplus, how large will it be? Will apple producers benefit from the price floor? Explain.

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