MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 5.1, Problem 7Q
To determine

The effect of price floor below equilibrium on price and quantity.

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Calculate the effect of a price floor on the equilibrium priceand quantity.
What happens to the equilibrium price and quantity when demand decreases and at the same time supply increases, but the demand shift is relatively larger than the supply shift? Plot the graph to show your answer.
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